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Bill Miller's simple plan for Citi

December 08, 2007 | About:

Bill Miller, the legendary Legg Mason Value Trust fund manager, owns shares of Citigroup, the embattled financial services giant that is looking for a new chief executive officer. And Miller has a suggestion about the type of person that the bank should hire to replace the ousted Charles Prince.

He said the bank should find someone who has a similar management style to Hewlett-Packard CEO Mark Hurd. Hurd replaced Carly Fiorina in 2005 and has led a dramatic turnaround at HP, mainly by cutting costs and focusing the computer company on what it does best.

In other words, Miller said he does not want to see Citigroup (Charts, Fortune 500) bring in someone who would have a radically different vision for the company, even though it has been hit hard by the subprime mortgage crisis.

"I would like someone to run Citi like the way that Hurd saw HP - someone to come in and simplify the processes. That's key. Someone who would approach Citi that way would be great," he said. "Citi doesn't need a major strategic overhaul."

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