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Citigroup heads split
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July 29, 1999: 1:37 p.m. ET
Reed and Weill divvy up duties, will consult on major decisions
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NEW YORK (CNNfn) - Citigroup Inc. said Thursday that its co-chief executives have split the duties of running the No.1 financial services company and no longer will make decisions jointly.
Sandy Weill and John Reed told top managers in an internal memo that "we no longer feel the need to attend every meeting together or read all the same memos. Instead, we can better divide the job of leading this great company and simplify the decision-making process."
The two men orchestrated the massive merger of Citicorp and Travelers Group last year, and Wall Street had questioned if the two would be able to work out an equal partnership and steer the new entity together.
The chief executives downplayed these concerns.
Under the new agreement, Weill and Reed said, they will continue to share the titles of chairman and co-CEO's and will consult each other on all major decisions.
Weill, who led Travelers before the merger, will oversee the company's financial and business operations while Reed, former head of Citicorp, will run Internet initiatives, technology and human resources. Both will focus on risk, credit and strategic planning.
"We look forward to continuing to work closely together to leverage the tremendous strengths of our organization to build a true world-class financial services operation," the memo concludes. "And, we look forward to your continued effort and support."
Shares of Citigroup (C) fell 1-5-/16 to 46-1/16 in early afternoon trading. 
-- from staff and wire reports
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Citigroup
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