Citigroup146;s Willumstad resigns

Prince and Willumstad became CEO and COO, respectively, in 2003. The bank said it does not intend to replace Willumstad, who will work with the company until September 1. Citigroup is scheduled to report second-quarter results on Monday.

The departure comes as Prince, 55, puts his own stamp on New York-based Citigroup, as he sheds less profitable units that Weill accumulated, and cleans up a flurry of ethical and regulatory problems.

Michael Holland, founder of money manager Holland 038; Co in New York said, 8216;8216;The fact Willumstad doesn8217;t have to be replaced is an excellent indicator that they have significant senior management resources.8217;8217;

Prince said 8216;8216;this is a time of mixed emotions for me personally. On the one hand, Bob has been a friend and partner for almost 20 years8230;. At the same time, Bob has expressed a personal desire to try something.8217;8217;

Citigroup said Willumstad agreed to some non-compete provisions, and to an accelerated vesting of about 5.9 million of restricted stock based on Thursday8217;s closing price, securities filings show. 8212;Reuters