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SANFORD I. WEILL ELECTED TO NY FED BOARD OF DIRECTORS
NEW YORK - Sanford I. Weill, chairman and chief executive officer of Citigroup Inc., has been elected to the board of directors of the Federal Reserve Bank of New York, it was announced today. Mr. Weill begins a three-year term starting January 2001 and succeeds Walter V. Shipley, retired chairman of the board, The Chase Manhattan Corporation, as a class A director.
Citigroup Inc. was formed in October 1998, by the merger of Citicorp and Travelers Group. Prior to 1998 Mr. Weill, had been chairman and chief executive officer of Travelers, and chairman of its predecessor, Commercial Credit Company since 1986. Prior to 1986, Mr. Weill had been president of American Express Company and chairman and chief executive officer of its Firemans Fund Insurance Company subsidiary.
His affiliation with American Express began in 1981, when the company acquired Shearson Loeb Rhoades. Shearsons origins date back to 1960 when Mr. Weill and three partners co-founded its predecessor, Carter, Berlind, Potoma & Weill. He served as the firms chairman from 1965 to 1984, a period in which it completed over 15 acquisitions to become the countrys 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.
In addition, he is a trustee of New York Presbyterian Hospital, a governor of New York Presbyterian Healthcare System, Inc., and an overseer of Memorial Sloan-Kettering Cancer Center. He is vice chairman of The Business Council and The Business Roundtable. He served on the Working Group on Child Care, headed by then U.S. Secretary of the Treasury Robert E. Rubin.
Mr. Weill, who was born on March 16, 1933, is a graduate of Cornell University. He and his wife, Joan, have two children and four grandchildren.
The Board of Directors of the Federal Reserve Bank of New York is comprised of nine members, six of whom (three class A and three class B directors) are elected by depository institutions of the Federal Reserves Second District. The remaining three (class C directors) are appointed by the Board of Governors of the Federal Reserve System. Class A directors are drawn from among the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business and industry, agriculture, labor and consumers.