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Citigroup CEO Prince to resign: paper

NEW YORK
Fri Nov 2, 2007 6:49pm EDT

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Citigroup CEO Charles Prince looks on during the Setting Priorities session at the World Economic Forum (WEF) in Davos January 26, 2005. Prince plans to resign, the Wall Street Journal said on Friday, citing people familiar with the situation. REUTERS/Sebastian Derungs

NEW YORK (Reuters) - Citigroup Inc (C.N) Chief Executive Charles Prince plans to resign, the Wall Street Journal said on Friday, citing people familiar with the situation.

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Prince plans to offer his resignation at a board meeting on Sunday, the newspaper said, citing the people.

Prince became chief executive in October 2003. His departure would end a troubled reign in which he struggled to boost profitability, cut costs and bolster a lagging share price.

(Reporting by Jonathan Stempel)
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