In This Memo, Sandy Weill the CEO of Citigroup resigns

Car Key Boi

Well-known member
From: GCIB Corporate Communications
Sent: Wednesday, July 16, 2003 7:52 AM
To: *AA All Mail Users
Subject: Weill Names New Senior Leadership Team

Dear Colleague:

I love this company - and I love our people.

Together we have accomplished a great deal. We have created extraordinary
value for our shareholders - a dollar invested in Citigroup's predecessor
company in 1986 would be worth $29 today - and the results we released just
this Monday demonstrate that even in difficult times, our company continues
to thrive.

But beyond this financial performance - or maybe even explaining it - is the
quality of our people, the culture we have built, and the commitment we have
demonstrated to our shared goals. Above all, we are a company of 260,000
people worldwide who genuinely care about the customers we serve and the
communities we are a part of. This is why I feel so privileged to be part
of the Citigroup family.

We have proven there's no limit to what we can do together. In a few short
years, we have forged a new model of a successful, global financial services
company. We have built a capital base that makes us a very stable presence
in the world markets. Through our global reach, we can now bring an
extraordinary range of quality financial products and services into new
markets, contributing to the strengthening of the worldwide economy and
enriching the people we serve. We have established ourselves as leaders in
areas such as the environment, diversity, and business practices, and
demonstrated our ability to tackle serious problems and come out stronger
for it.

The same ethic and drive that has allowed us to achieve all of this has
enabled us to attract and keep superb professional management - including
the two leaders who will be taking on the most senior leadership roles in
our company. Chuck Prince, who will become Chief Executive Officer, and Bob
Willumstad, President, who will be our Chief Operating Officer, have been my
partners in building this company over the past 17 years. I am thrilled
that these executives - so central to our success to date - will be leading
Citigroup to a new stage of growth and progress.

From the beginning of the succession process more than three years ago, my
hope was that the individuals who would lead Citigroup to its next stage of
growth would come from inside the company. The subcommittee of the Board
and I worked hard over these years to give our executives the opportunity to
build and demonstrate their talents in a wide range of areas so, at the
appropriate time, a seamless transition could be made. The time is now. The
company has excellent momentum. We've dealt with painful issues and have
demonstrated our commitment to being a best practice leader in every
business. Our team is ready.

I really believe I still have a great deal to contribute to the growth of
Citigroup, although I will be contributing in a different way. I am looking
forward to concentrating on building relationships with customers and
government officials and strategy. And I intend to devote more time to
other activities, including philanthropic commitments and the fruits of
another successful "merger" - with Joan, my wife.

So many people have made enormous contributions and to each and every one of
you, I am forever grateful. In particular, I would like to thank Mike Masin
for his dedicated service as a member of our Board for nearly a decade and
for his more recent role as the company's Chief Operating Officer. Mike has
helped me immensely and will assist with the transition and then serve as a
consultant to the company until the end of 2005.

Every minute of my time, for more than 40 years, has been spent thinking
about our company - its health, its development, and its continued success.
I have given it the best I have - and I will continue to do so. But now, it
will benefit from the best I have -and even more. Citigroup will benefit
from the energy, drive, and creativity of new senior executives, ready to
lead an employee base and management team, second to none I have ever seen,
to even better things.

I am excited about our future. And I look forward to what's to come.


Sandy Weill
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