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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