Sandy Weill, Citigroup’s former chairman and chief executive, has acknowledged that the planning that led to the choice of Chuck Prince as his successor in 2003 was flawed and turned out not to be the “right thing” for the company.
In an interview with the Financial Times, Mr Weill said he and the board should have fostered competition among Citi’s top managers for the chief executive post rather than handing the job to Mr Prince.
