Charles Prince

Charles Owen Prince III
Charles Owen Prince III
Born	Charles Owen Prince III; January 13, 1950 (age 76); Lynwood, California, U.S.
Other names	Chuck Prince
Occupation(s)	Business leader, banker, attorney
Years active	1975–present
Known for	Chairman and CEO of Citigroup (2002–2007)

Charles Owen ("Chuck") Prince III (born January 13, 1950) is an American business leader, banker, and attorney. He held the roles of chairman and chief executive officer at Citigroup, taking over from Sanford I. ("Sandy") Weill during 2002–2003 and becoming chairman in 2006. Prince stepped down on November 4, 2007, following disappointing third-quarter financial results linked to losses in CDO and MBS assets, while receiving a compensation package totaling $38 million.

Early life and education

A native of Lynwood, California, Prince completed his Bachelor of Arts, Master of Arts, and Juris Doctor degrees at the University of Southern California and its USC Marshall School of Business. He further earned a Master of Laws degree from the Georgetown University Law Center.

Career

Prince’s professional journey began in 1975 as a lawyer with United States Steel Corporation. In 1979, he joined Commercial Credit Company, which later became part of Citigroup after Sanford I. Weill’s acquisition in 1986. Rising through the ranks, Prince was named executive vice president of Travelers Group in 1996. Following the merger that formed Citigroup, he was appointed chief administrative officer in 2000. He advanced to chief operating officer in 2001, then chairman and CEO of Citi Markets and Banking in 2002, before ultimately assuming the positions of chairman and CEO of Citigroup.

Credit crisis

Prince resigned as CEO of Citigroup on November 4, 2007, amid the turmoil in the mortgage sector. His successor as CEO was Vikram Pandit (born 1957), while former U.S. Secretary of the Treasury Robert Rubin (who served from 1993 to 2001 under President Bill Clinton) took over as chairman of the board.

His departure package included a $12.5 million bonus, stock and options valued at $68 million, a pension amounting to $1.7 million, plus an office with chauffeur-driven car for five years. During his leadership, Citigroup’s market capitalization declined by $64 billion. Prince continues to serve as a consultant for the firm.

In July 2007, despite liquidity challenges amid the subprime crisis, Prince reaffirmed Citigroup’s dedication to leveraged buyout transactions by stating: "As long as the music is playing, you've got to get up and dance."

In 2008, Fortune magazine listed Prince among eight economic leaders who failed to anticipate the financial crisis, referencing his optimistic remarks made in mid-2007. Subsequently, in January 2009, The Guardian named him among twenty-five prominent individuals central to the financial collapse.

Personal life

Prince married Margaret L. Wolff on September 20, 2003, at The Pierre Hotel in New York City. The wedding ceremony was officiated by semi-retired Judge Robert W. Sweet.

Affiliations

Prince holds membership in influential industry organizations such as the Financial Services Forum, Council of Foreign Relations, and the Business Roundtable. Since 2006, he has served on the boards of leading corporations including Citigroup and Johnson & Johnson.

Additionally, he occupies trustee roles at distinguished educational entities like Weill Medical College (part of Cornell University), Teachers College, Columbia University, and The Juilliard School.

Previously, Prince was a Senior Counselor with the Albright Stonebridge Group.

External links

Charles Owen Prince III profile at The New York Times
Charles Owen Prince III featured on Forbes