John S. Reed, Citigroup's chairman and co-chief executive officer, said he will retire at the company's annual shareholders meeting April 18.
"My 35 years at Citigroup and Citicorp have been both exciting and rewarding," Mr. Reed said in a statement released by Citigroup. "I have been very proud to play a part in the tremendous transformation that has taken place in our industry and our company, from globalization and the advent of electronic banking, to the creation of Citigroup, a new breed of financial services firm."
Mr. Reed said that because Citigroup performed well in its first full year as a combined company, "I feel I can move on." He added that his decision was a deliberate one that he planned with the bank's board of directors.
Sanford I. Weill will take over as chairman and chief executive officer. He had shared the title of CEO with Mr. Reed since Citicorp's merger with Travelers Group in 1998.
With his own retirement visible on the horizon, Mr. Weill said he plans to work with the board of directors to name a successor within two years.
Check American Banker Online later today for an expanded version of this story.
John S. Reed
Age: 61
1998 Compensation - $9.5 million (Citigroup)
Scheduled to retire from
Company Affiliation Title Timeline Citigroup Co-chairman/Co-chief executive officer Oct. 1998 - present Citicorp merged with Travelers Group on Oct. 8, 1998 Citibank NA Chairman and CEO 1984 - present Citicorp Chairman and CEO 1984 - Oct. 1998 Citicorp/Citibank NA Board member 1982 - present Citicorp/Citibank NA Vice chairman 1982 - 1984 Citibank NA Head, Individual Bank 1975 - 1982 Citibank NA Strategic planner, various posts 1965 - 1975 Source: Bloomberg and Citigroup
Age: 66
1998 Compensation - $7.2 million (Citigroup)
Scheduled to become
Company Affiliation Title Timeline Citigroup Co-chairman/Co-chief executive officer Oct. 1998 - present Citicorp merged with Travelers Group on Oct. 8, 1998 Travelers Group Chairman/CEO 1993 - Oct. 1998 Primerica acquired a 27% stake in Travelers in 1992, and bought the rest in 1993. Primerica Corp. Chairman/CEO 1991 - 1993 Primerica Corp. Chairman/President/CEO 1988 - 1991 Commercial Credit acquired Primerica in 1988 and adopted its name Commercial Credit Co. Chairman/President/CEO 1986 - 1988 Fireman's Fund Corp. Chairman/CEO 1984 - 1985 American Express Insurance Services Inc. Chairman/CEO 1984 - 1985 Shearson Lehman Bros. Holding Chairman 1984 - 1985 American Express Co. President 1983 - 1985 Shearson Lehman Bros. Inc. Chairman 1965 - 1984 Carter Berlind Potoma & Weill Co-founder 1960 - 1965 Source: Bloomberg, Citigroup, and Securities Data Co.
