In the end, Charles Prince, the soon to be ex-CEO of Citigroup, was done in by his mentor. Sandy Weill took a Citigroup jet no less to Saudi Arabia and convinced Prince Walid, the bank's biggest shareholder, that CEO Prince had to go. Weill of course was the man who championed the lawyer as the right choice as top dog. According to the New York Times, Prince Walid promptly called CEO Prince and informed him of the call. Ouch. A tough way to hear bad news. But there was no grounds to oppose the conclusion. The audit committee realized as much when it subsequently met. Many shareholders wonder what took so darn long.

For more:
- here's the New York Times article

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