Word: citigroup
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...Following the departure of chief executive Charles O. “Chuck” Prince III in November 2007 and billions of dollars in losses from exposure to the subprime mortgage markets, Citigroup named Rubin chairman of the board of directors...
...Rubin’s new role was short-lived, as Citigroup replaced him less than a month later with Sir Win Bischoff, who had taken on the role of acting CEO following Prince’s departure. Bischoff was soon succeeded as chief executive, though he is still chairman...
...Joseph Condon, a former regional manager for Citigroup in New York City and a current Citi shareholder, challenged Rubin and other members of Citi’s Board of Directors at the annual shareholders meeting in late April over Rubin’s involvement with Citi in the prelude to the firm’s disastrous losses...
...meeting,” Condon said in a telephone interview, “was the fact that quite a significant number of people who worked under me, exceptional people who have families to take care of, are losing their jobs while Mr. Rubin collects a very significant income from Citigroup...
...Lewis B. Kaden ’63, vice chairman of Citigroup, also defended Rubin. He said that although Rubin doesn’t have operational responsibility at Citigroup, he engages in a variety of activities, such as “participating in strategic discussions with senior management, frequently meeting with clients and government officials with whom Citi has a relationship, and serving as a mentor to managers, executives, and employees...