Citigroup: So Much for 50-50.NEW YORK--(BUSINESS WIRE)--Aug. 5, 1999-- Despite what may be on paper, Sanford I. Weill Sanford I. Weill, commonly known as Sandy Weill (born March 16 1933) is a banker, financier and philanthropist. He was formerly the chief executive officer and chairman of Citigroup Inc. He served in those positions until October 1 2003 and April 18, 2006 respectively. has emerged as the top gun at Citigroup (C), consultants, company insiders and investors tell Business Week. In an internal memo dated July 28, Reed and Weill told Citigroup's employees that they would divide their responsibilities atop the company created by last year's merger of Weill's Travelers Group and Reed's Citicorp. In essence, Weill will be handling day-to-day affairs. Meanwhile, Reed will be looking ahead "as the primary focal point focal point n. See focus. for the Internet, advanced development, technology, human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and legal function." Upshot? "De facto [Latin, In fact.] In fact, in deed, actually. This phrase is used to characterize an officer, a government, a past action, or a state of affairs that must be accepted for all practical purposes, but is illegal or illegitimate. , the co-CEO [concept] is dead, says David A. Nadler, chairman of the Delta Consulting Group Inc., which advises companies on organizational structure. "Sandy won," says one insider. |
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