Chuck Prince has ordered the search for Citigroup's new chief financial officer to focus on candidates who could succeed him as chief executive of the world's biggest financial services company.
This week's sacking of Todd Thomson, who ran the Smith Barney wealth management arm and had been seen as a potential successor, has prompted renewed questions about Citigroup's management depth.
Senior executives admit there is a lack of internal candidates who would be ready to take over tomorrow. "We would like to have a stronger succession list for the short term," said one. The search for a new CFO and head of the alternative investments arm would be opportunities to strengthen that list, he added.
But there was no short-term need, since Mr Prince, 56, was expected to continue in the post for years, giving time for "our wealth of talented younger executives to widen their experience".
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