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Rubin heads to Citigroup
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October 26, 1999: 4:01 p.m. ET
Former Treasury secretary to take senior position at financial services firm
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NEW YORK (CNNfn) - Former U.S. Treasury Secretary Robert Rubin announced Tuesday he has taken a job as a senior executive at Citigroup Inc., the world's biggest financial services company, and joined its board of directors.
Rubin will be a senior executive in the office of Sanford Weill and John Reed, Citigroup's co-chairmen and chief executive officers. He will participate in shaping the overall direction of the company, including helping its management make strategic decisions about the company's future.
Speaking at a press conference, a relaxed and jovial Rubin shared his enthusiasm for his new position. "I am very excited about this," he said. "I think I have some experience that will be useful at Citigroup."
Rubin, 61, announced his resignation as Treasury secretary in May and left the position in July, stating at the time that he felt it was time to go home to New York. He was widely regarded as Wall Street's guy at the White House because of his successful 28-year career as a bond trader at Goldman Sachs (GS).
He also was viewed as one of the architects of the current administration's economic policy, and often is credited -- along with Federal Reserve Chairman Alan Greenspan -- for nurturing the booming nine-year economic expansion, the longest in U.S. history.
Rubin was the 70th Treasury secretary of the United States. Lawrence Summers was sworn in as the 71st on July 2.
As for what he will do within the top offices of the world's largest financial services company, Rubin was somewhat vague, indicating to reporters that he doesn't plan to limit himself to any one specific area of the company.
"I'd really like to help in any way that I can," Rubin said, adding that he still has to move his boxes into his office and get settled before determining his specific direction at the company. "For the first few months I'll be walking around with a yellow pad taking notes," he quipped.
Rubin will continue to maintain his personal
involvement in public policy issues, including serving as chairman of the Local Initiative Support Corp. and as a member of the board of Mt. Sinai Medical Center in New York. He also can "continue to serve on other corporate or advisory boards, so long as they do not conflict with his new responsibilities at Citigroup," the company said.
Citigroup (C) is the product of last year's giant merger between Citicorp, one of the country's biggest banks, and Travelers Group Inc., one of the largest insurance and securities firms. Citigroup's various businesses include global consumer, corporate and investment banking, asset management and investments. Its stock rose 1-1/2 to 49-5/16 in midday trade Tuesday.
The 66-year-old Weill, who led Travelers before the merger, has been overseeing the company's financial and business operations, while the 61-year-old Reed, former head of Citicorp, has been focusing on the company's Internet initiatives, technology and resources.
The two opted to split their responsibilites in July, though remain as co-chairmen and CEOs. Rubin will join both of them, though not as a third co-chair or chief executive officer, he said.
"I had three criteria: I didn't want to be a CEO, I wanted to be involved with an institution I was proud of, and I wanted to be involved in an institution that was important to me," Rubin said.
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Citigroup
U.S. Treasury
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