Chuck Prince, Citigroup chairman and chief executive officer’s role has been filled by two senior executives – Robert Rubin, the former US Treasury Secretary, who had chaired Citigroup's executive committee, as chairman; and Sir Win Bischoff, who runs Citigroup's European operations, as acting chief executive.
Prince resigned as Citigroup, which is facing a probe by the Securities and Exchange Commission, revealed it expected to write down $5bn to $7bn after taxes for its $55bn exposure to US sub-prime mortgages.
Rubin said Citigroup intended to complete its search for a new CEO as ‘expeditiously as possible’ from outside as well as within the organisation. ‘In addition, a new unit, the sole focus of which will be on managing the assets related to sub-prime mortgage securities and their resultant exposures, has been established,’ he said.
Sir Win said that, as acting CEO, he would draw on the talents of the board and management team. ‘Together, we will see that our current plans are effectively executed and will continue to consider new ways to strengthen and grow our businesses,’ he said.
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