(FORTUNE Magazine) – At Citigroup's annual meeting in April, Sanford I. Weill, still at that moment a co-CEO, took the spacious stage of Carnegie Hall and conducted the third act of a discordant corporate drama. Two Aprils before, he'd stood in the same spot--surrounded by the rosy beigeness of the hall--proclaiming the rosy promise of the merger-to-be between his company, Travelers, and Citicorp. At last year's meeting the Citigroup duo, Weill and John Reed, presided, acting as if this weird business of two chiefs atop the world's biggest financial company was working just fine. This year it was back to Weill, 67, alone--survivor, conqueror, uncontested boss.

Reed, 61, skipped the performance. His presence would have been awkward for all, given the battles (reported in FORTUNE, March 20) of the February Sunday on which Citi's directors abolished co-CEOs, crowned Weill, and agreed to Reed's retirement. Weill naturally avoided those subjects at the April meeting, but did open by lauding Reed's 16-year career as head of Citi. The audience applauded--and then said nary another word about Reed.

An oddity about this year and last: Citi's management conflicts have not kept it from recording great earnings. That just shows the merger's "power," says one director. A worry he keeps: "Sandy's health." Not because it's bad (leaving aside pounds that Weill needs to shed), but because Reed's departure, plus a sparsity of executives just below Weill, leaves him carrying a crushing management load. That's one reason Citi's board has ordered Weill to put together a succession plan within two years. But the board itself has moved slowly, not yet having named its committee to help. Next April expect to see Weill again at Carnegie Hall. But an understudy? Maybe not.

--Carol J. Loomis