Citigroup has gilded the promotions of Chuck Prince as chief executive and Robert Willumstad to chief operating officer with large share awards.

Prince and Willumstad received a combined $29m (€26m) in Citigroup stock as they formally lined up to take over the day-to-day management of the financial services group. Prince succeeds Sandy Weill who said on Tuesday that he will retire as chief executive by the end of the year. Weill will remain as chairman until 2006.