Charles Prince was the CEO of Citigroup from October 2003 until his retirement in December 2007. His tenure wasn’t ordinary – he led during one of the toughest times for the financial industry. Before becoming CEO, he was involved in...

Charles Prince was the CEO of Citigroup from October 2003 until his retirement in December 2007. His tenure wasn’t ordinary – he led during one of the toughest times for the financial industry. Before becoming CEO, he was involved in many key roles at Citigroup, including Chief Operating Officer and Chairman of Citi Markets & Banking. During his final year as CEO, he earned over $15 million, including a whopping $10 million bonus, tied to the company's performance. Prince owned a substantial amount of Citigroup stock, worth more than $834,000 at one point, and his total stock holdings were valued at over $1.2 million. His leadership came under scrutiny during the global financial crisis, leading to his resignation shortly after. After leaving Citigroup, he continued to receive significant benefits, including a high salary and support for five years. Prince’s decisions were often tied to performance metrics like return on equity, which reflects his focus on aligning executive pay with company results.

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1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Citigroup CEOs

C

Charles Prince

Ex-CEO of Citigroup

Education

J.D. from the University of Southern California, B.A. from the University of Southern California.

Field of Expertise

Legal & Compliance - Law

Sector of Economy

Financial Services

Born

January 13, 1950 - 75 years ago

CEO of Citigroup for

4 years 1 month (Oct 2003 - Nov 2007)

Previous Experience

Chief Operating Officer of Citigroup, Chairman and CEO of Citi Markets & Banking.

Rivals

Competitors/colleagues of Charles Prince

G

David M. Solomon

CEO of Goldman Sachs Group

2023 Compensation

Stock

$36.08M

Salary

$2.00M

Bonus

$8.70M

Other

$320.86K

Total Holdings

$71.95M

D

Ed Bastian

CEO of Delta Air Lines

2023 Compensation

Stock

$19.03M

Salary

$950.00K

Bonus

$9.60M

Other

$371.18K

Total Holdings

$31.31M

P

William S. Demchak

CEO of PNC Financial Services

2023 Compensation

Stock

$11.60M

Salary

$1.20M

Bonus

$4.41M

Other

$797.60K

Total Holdings

$100.55M

J

Jamie Dimon

CEO of JPMorgan Chase

2023 Compensation

Stock

$0.00

Salary

$1.50M

Bonus

$5.00M

Other

$400.19K

Total Holdings

$1.72B

B

Brian T. Moynihan

CEO of Bank of America

2023 Compensation

Stock

$22.05M

Salary

$1.50M

Bonus

$0.00

Other

$387.39K

Total Holdings

$116.40M

T

William H. Rogers, Jr.

CEO of Truist Financial

2023 Compensation

Stock

$2.47M

Salary

$1.20M

Bonus

$1.44M

Other

$236.04K

Total Holdings

$53.68M

Holdings

See how much did Charles Prince make over time.

At one point, Charles Prince held over 13,000 shares of Citigroup stock, worth over $834,000. His holdings included deferred stock awards valued at more than $1.2 million. Notably, when he retired in December 2007, he had stock options worth an...

At one point, Charles Prince held over 13,000 shares of Citigroup stock, worth over $834,000. His holdings included deferred stock awards valued at more than $1.2 million. Notably, when he retired in December 2007, he had stock options worth an estimated $1.27 million, assuming Citigroup's stock price remained favorable. This means that during his time at the helm, a significant part of his personal wealth was tied to the company's fortunes, which fluctuated greatly during the financial crisis. Before retirement, Prince’s stock awards had appreciated to approximately $16 million, showcasing a peak in his earning potential tied directly to Citigroup’s performance. His wealth in Citigroup holdings illustrates the close links between executive pay and stock ownership, especially relevant in the volatile financial sector, where risks can lead to dramatic ups and downs.

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Insider Trading

See recent insider trades of Charles Prince.

No insider trades found for this CEO.

Compensation History

See how much did Charles Prince make over time.

In the year before he resigned, Charles Prince had a total compensation package of $15.7 million. This included a base salary of $1 million and a performance bonus of about $10.4 million. The bonus was significantly influenced by Citigroup's total shareholder return, which reflects a common practice of rewarding executives for boosting stockholder value. His package also contained vested stock worth $10.6 million due to meeting the 'Rule of 75', a guideline ensuring executives receive their stock awards as they retire. Additionally, special perks like security services, transport, and office support continued for years after his retirement, showcasing how executives can maintain substantial benefits even post-tenure. Overall, Prince's compensation reflects Citigroup's aim to align top management's interests with those of shareholders, although it also raises questions about the ethics and sustainability of such agreements during financial downturns.

Year

2007

Total Compensation

$22.21M

Salary

$1.00M

Board Justification

Citi's compensation philosophy emphasizes pay for performance, aligning executive compensation with company performance and shareholder interests.

Bonus

$10.40M

Board Justification

Cash incentive award in respect of 2007 service, calculated based on the 2006 award package, adjusted for total stockholder return percentage for 2007.

Other

$179.28K

Board Justification

Includes personal benefits such as security services and use of corporate aircraft.

Restricted Stock

$10.63M(195.25K common stock)

Board Justification

Deferred stock awards under CAP that vested upon retirement due to meeting the Rule of 75.

Performance Metrics

Citi's performance metrics for 2007 included total stockholder return and return on equity.

Other Citigroup CEOs

Here are other CEOs of Citigroup

Sir Win Bischoff

Ex-CEO of Citigroup

November 2007 - December 2007