EXHIBIT 99.1
[CITIGROUP LOGO]
FOR IMMEDIATE RELEASE
CITIGROUP INC. (NYSE: C)
MARCH 21, 2006
CHARLES PRINCE ELECTED CITIGROUP CHAIRMAN,
SUCCEEDING SANFORD I. WEILL, EFFECTIVE APRIL 18, 2006
New York, New York - The Citigroup Board of Directors today unanimously elected
Chief Executive Officer Charles Prince to the additional post of Chairman,
effective at the close of the company's Annual Meeting of Shareholders on April
18, 2006. Mr. Prince will succeed Sanford I. Weill, who held the Chairman role
at Citigroup and predecessor companies for nearly 20 years and will retire as
Chairman and a Citigroup director at the Annual Meeting. In recognition of the
important role he has played in the creation of Citigroup, the Board conferred
upon Mr. Weill the honorary title of "Chairman Emeritus."
"Sandy has played a critical role in creating Citigroup, which has become the
model of the modern, global financial services company, and has generated
superior value for the company's stakeholders," said Alain Belda, Citigroup's
Lead Director. "We are pleased to name him as our Chairman Emeritus to
acknowledge his many accomplishments.
"The Board has unanimously elected Chuck to succeed Sandy, recognizing his
superior leadership as Citigroup's Chief Executive Officer," continued Mr.
Belda. "During his time in that role, Chuck has sharpened Citigroup's strategic
focus; created a growth strategy that capitalizes on the company's unique
strengths; installed a talented and dedicated leadership team from our deep
bench; strengthened internal controls; and focused our people on how they
conduct themselves as part of a leading, global institution. We believe he will
be a strong and effective Chairman of our Board."
"Citigroup is a unique company with unparalleled capabilities - able to
effectively serve governments, corporations and individuals all over the world,"
said Mr. Weill. "I am proud of what we have built, and proud of the people who
have contributed to making Citigroup the leading global financial services
company. I have every confidence that Chuck will take the great platform we have
created and make it even better - and create significant shareholder value in
the process."
"Citigroup's competitive advantages exist to a great degree as a result of the
vision and dedication of my friend and colleague Sandy Weill, with whom I have
been privileged to work for more than 20 years," said Mr. Prince. "I am
confident that the plans we are pursuing will enable us to build on his singular
record of success. I appreciate the confidence the Board has expressed in me and
remain focused on our global growth priorities."
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Citigroup, the leading global financial services company, has some 200 million
customer accounts and does business in more than 100 countries, providing
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, and wealth management.
Major brand names under Citigroup's trademark red umbrella include Citibank,
CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may
be found at www.citigroup.com
Certain statements in this document are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors. More information about
these factors is contained in Citigroup's filings with the Securities and
Exchange Commission.
CONTACTS:
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Media: Leah Johnson 212-559-9446
Shannon Bell 212-793-6206
Investors: Arthur Tildesley 212-559-2718
Fixed Income: John Randel 212-559-5091