Citigroup chief executive Sandy Weill is to stand down just weeks after research firm The Corporate Library said Citigroup had the worst board of any US firm.
Weill will remain on as chiarman, he will be replaced by Charles Prince and president Robert Willumstad will become chief operating officer.
Citigroup paid more than $1.5bn in charges last year to settle a conflict-of-interest scandal when its brokers were accused of issuing overly optimistic research on investment banking clients, and to cover Enron-related litigation.
The Corporate Library, in its Business Roundtable Corporate Governance Survey, said that the massive salary and stock options issued to Weill, aged 70, despite his personal involvement in what it said was one of the 'most outrageous scandals' in American business history.
Weill said, 'Chuck and Bob are both extremely talented managers and leaders. They have successfully dealt with complex operational issues and run highly profitable businesses.'
