CMD superman logo.jpg SourceWatch, a project of the Center for Media and Democracy,

depends on donations from people like you!

Click here to make a tax-deductable contribution.

Sanford I. Weill

From SourceWatch
Jump to: navigation, search

Sanford I. Weill "is Chairman Emeritus of Citigroup Inc., the diversified global financial services company formed in 1998 through the merger of Citicorp and Travelers Group. Mr. Weill retired as CEO of Citigroup on October 1, 2003, and served as Chairman until April 18, 2006.

"Most recently, President Bush asked Mr. Weill, along with four other private sector business leaders, to lead a nationwide effort to encourage private donations for relief and reconstruction in response to the South Asia earthquake that occurred on October 8, 2005. Working with the Committee to Encourage Corporate Philanthropy, a nonprofit forum of CEOs and Chairpersons, to which Mr. Weill was named Chairman of the Board in July 2004 and is now Honorary Chairman, Mr. Weill and the business leaders quickly established the South Asia Earthquake Relief Fund. Through the efforts of Mr. Weill and the business leaders, the private sector has raised over $100 million in cash and in-kind services to help the earthquake victims.

"Mr. Weill, who had been Chairman and CEO of Travelers, became Chairman of its predecessor, Commercial Credit Company, in 1986, successfully leading the company through a public stock offering by its then-parent, Control Data Corporation. Commercial Credit acquired Primerica Corporation in 1988 and adopted its name until 1993, when Primerica acquired The Travelers Corporation and adopted the Travelers Group name. In 1997, the company acquired Salomon Inc. and combined it with its Smith Barney unit to form the global securities and investment firm, Salomon Smith Barney.

"Prior to 1986, Mr. Weill had been President of American Express Company and Chairman and Chief Executive Officer of its Fireman's Fund Insurance Company subsidiary.

"His affiliation with American Express began in 1981 when the company acquired Shearson Loeb Rhoades. Shearson's origins date back to 1960 when Mr. Weill and three partners co-founded its predecessor, Carter, Berlind, Potoma & Weill. He served as the firm's Chairman from 1965 to 1984, a period in which it completed over 15 acquisitions to become the country's second largest securities brokerage firm. In 1993, when Travelers Group acquired Shearson Lehman Brothers' retail brokerage and asset management businesses, he was reunited with the firm he founded.

"Mr. Weill became a Director of the Federal Reserve Bank of New York in 2001. He also served as a Director on the Boards of United Technologies Corp. from 1999 to 2003, AT&T Corp. from 1998 until 2002, and of E. I. Du Pont Nemours and Company from 1998 until 2001. Also, Mr. Weill, the 1997 recipient of the New York State Governor's Art Award, has been Chairman of the Board of Trustees of Carnegie Hall since 1991, and previously served as Co-Chairman of the Steering Committee for the Campaign that raised $60 million for the Hall's restoration. He is also a Director of the Baltimore Symphony Orchestra. Mr. Weill is Chairman of the Board of Overseers for The Joan and Sanford I. Weill Medical College and Graduate School of Medical Sciences of Cornell University, having joined the board in 1982 and becoming chair in 1996. (Cornell named the medical college after the Weills in April 1998 in recognition of their support.) A Trustee Emeritus of the university, he serves on the Advisory Council of its Johnson Graduate School of Management. In addition, he is a Trustee of New York Presbyterian Hospital and an Overseer of Memorial Sloan-Kettering Cancer Center. Mr. Weill is a former member of The Business Council and served on the Working Group on Child Care, headed by then U.S. Secretary of the Treasury Robert E. Rubin. In July 2002, Mr. Weill was the recipient of Chief Executive magazine's 2002 CEO of the Year Award. Recently, the EastWest Institute awarded Mr. Weill their Corporate Leadership Award in December 2005 at an event in London with Prime Minister Tony Blair.

"Long a proponent of education, Mr. Weill instituted a joint program with the New York City Board of Education in 1980 that created the Academy of Finance, which trains high school students for careers in financial services. He serves as Chairman of the National Academy Foundation, which oversees more than 640 Academies that operate in 41 states and the District of Columbia, and is the principal sponsor of New York City's High School of Economics and Finance. The National Academy Foundation and the Gates Foundation have recently started an exciting new partnership.

"Mr. Weill, who was born on March 16, 1933, is a graduate of Cornell University. He and his wife, Joan, have been married for 50 years. They have two adult children and four grandchildren." [1]

Resources and articles

Related Sourcewatch articles

References

  1. Sanford I. Weill, SIDRA, accessed November 4, 2009.