Charles O. "Chuck" Prince, III (born January 13, 1950) is an American former chief executive officer (CEO) and chairman of Citigroup. He succeeded Sandy Weill as the CEO of the firm in 2003, and as the Chairman of the Board in 2006.
On Sunday, 4 November 2007, Prince resigned from his post as CEO of Citigroup due to unexpectedly poor 3rd quarter performance that amounted to a 57% drop in Ctiti's quarterly earnings and lost nearly a quarter of its market value.
Two months after Prince walked away from Citigroup, the bank suffered a $10 billion quarterly loss -- the largest ever in the company's history -- and announced an $18.1 billion writedown due to mortgage-backed investments.
In 2006, Prince's total compensation was $24.8 million, including a $13.2 million bonus and $10.4 million in stock awards.
His retired with a $38 million pay package. Prince left the company with vested stock holdings valued at $94 million and the roughly $53.1 million salary he received over the four years in the position. He also received a pension of $1.74 million and another one million stock options. According to a SEC filing, part of his golden parachute with Citigroup entitles Prince to an office, executive assistant, and a car and driver for up to five years.
He is still a consultant with Citigroup.
In 2008, Fortune named Charles Prince as one of eight economic leaders "who didn't see the crisis coming", noting his overly optimistic statements in July 2007. In January 2009 Guardian City editor Julia Finch identified him as one of twenty five people who were at the heart of the financial meltdown.