|
Citigroup names executive
|
 |
July 21, 2000: 10:34 a.m. ET
Robert Lipp appointed to vice chairman, to work with Weill and Rubin
|
NEW YORK (CNNfn) - Citigroup Inc., the largest U.S. financial services company, Friday named Robert Lipp, head of its consumer arm, to join Chairman and Chief Executive Sanford Weill and former U.S. Treasury Secretary Robert Rubin in its office of the chairman.
Lipp, 62, fills a spot vacated in April by Citigroup co-chairman John Reed, who resigned amid widespread speculation that his unusual agreement with Weill to jointly run the company was somewhat thorny. His official title will be vice chairman of Citigroup.
Weill, 67, is currently the sole chief executive officer of Citigroup, though he has said he plans to name a successor within two years. Citigroup, which runs banking, insurance and brokerage operations in 100 countries, last year was the world's second most profitable company after General Electric Co. (GE: Research, Estimates)
 In his new role, Lipp will be responsible for cross selling and developing operating systems for Citigroup's global businesses and technology efforts. At the same time, he will retain his current position as chairman and chief executive officer of the company's consumer division.
Citigroup, formed in 1998 from the $70 billion merger between Citicorp and Travelers, has tied its ultimate success to cross selling, the practice of selling one division's customer products and services from another part of the company, for instance, selling insurance to credit card holders.
Citigroup (C: Research, Estimates) stock rose 1-1/16 to 71-5/8 in early trading Friday, squeaking past its 52-week high of 70-11/16. 
|
|
|
|
|
|
Citigroup
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
