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Citigroup chief announces successor

NEW YORK JULY 16. After months of speculation, the Citigroup chairman, Sanford I. Weill, has announced that he is giving up his job as chief executive.

The largest U.S. bank said on Wednesday that Charles O. Prince, 53, will succeed Mr. Weill as Citigroup's CEO by the end of this year.

Mr. Weill, 70, won't be going far, however. While relinquishing the CEO title, he will remain chairman of the board until the 2006 annual meeting, Citigroup said.

Mr. Prince, a longtime confidant of Mr. Weill, was tapped last September to take over Citigroup's Salomon Smith Barney banking and securities operations after it was tarnished with allegations of biased stock research.

Citigroup also announced that Robert B. Willumstad, 57, the current president, will become chief operating officer by year's end. Both were elected to Citigroup's board of directors on Tuesday

AP

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