Prince Charles, or Prince O. Charles III, has quited as Citigroup's Chairman and Chief Executive Officer. Charles Prince, is responsible for the company's billions of dollars in losses from investing in bad debt during the ongoing subprime mortgage crisis..
Robert Rubin, the former Treasury Secretary, replaces him as the Chariman. Sir Win Bischoff, chairman of Citi Europe and a Member of the Citi management and operating committees, would serve as interim CEO. 
Prince's resignation, which was secured at an emergency meeting of the Citi board Sunday, was expected after the nation's largest banking company revealed it had to write down billions of dollars in bad debt. He joined former Merrill Lynch & Co. CEO Stan O'Neal, who resigned from the investment bank last month, as the highest-profile casualties of the debt crisis that has cost billions at other financial institutions as well.
Prince, 57, became chief executive of Citigroup in October 2003. Many shareholders criticized him openly for much of his tenure, as Citigroup's stock lagged its peers while Prince executed what was called an umbrella model of corporate organization.
Source: AP Prince Charles and Robert Rubin pictures: AFP
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