Citi Gets a New Prince

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Many experts view Weill's position — as soon-to-be ex-CEO and chairman — as trouble for Prince. It's "pretty unusual and pretty inhibiting" for a departing CEO to stay on as chairman for two years, says Robert Mittelstaedt, a professor at Wharton Business School. "It means Sandy Weill is still in charge." Rakesh Khurana, the author of a book about America's obsession with charismatic CEOs, says of Prince, "He's in CEO purgatory." Weill insists he is moving on. "This was my decision and my timing," he told TIME. "Why in the world would I do it if I wasn't ready to step back from the day-to-day function?" Parsons says there was no board pressure on Weill to step aside.

In some ways CEO purgatory has been a familiar place for Prince, a quiet lifetime sidekick who once postponed his kidney surgery to help Weill close a deal. He has always been on hand when Weill is taking a bow. But he is the man on whom Weill has relied consistently in the crunch. "I've seen Sandy turn to Chuck over and over again," says a banker who has worked with both men. And Prince's willingness to recognize the good work of others and even let them take credit endears him to many.

Born and raised in Los Angeles, Prince began his career as an attorney for U.S. Steel before joining Commercial Credit as general counsel in 1979. Prince met Weill when Weill took over that company in 1986, and the two forged a long run of acquisitions — all negotiated by Prince — from Primerica to Travelers to Shearson to Salomon Brothers to Citicorp. Prince gained the upper hand as Weill's successor last year when Weill asked him to run the firm's investment banking business and get Citi out of Spitzer's cross hairs.

Prince, a self-described workaholic, lives in Manhattan, has a weekend home on Nantucket, Mass., and keeps a boat at Stamford, Conn. "At least it was there," he says of the boat he hasn't set foot on in nearly a year. He and Weill, another confessed workaholic, share a hearty chuckle over that, underscoring their delight in their busy schedules. But Prince, who is divorced with two grown children, has found time for romance. This September he will wed Margaret Wolff, another high-powered attorney, and honeymoon in Italy. After that, it's back to building a name — this time for himself.