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PRIMERICA PROMOTES FRANK G. ZARB AND ROBERT I. LIPP TO GROUP CHIEF EXECUTIVES WITH NEW, BROADER SENIOR MANAGEMENT RESPONSIBILITIES

 NEW YORK, June 24 /PRNewswire/ -- Primerica Corporation (NYSE: PA) today announced that Frank G. Zarb and Robert I. Lipp, both vice chairmen, have been named group chief executives and are assuming expanded management responsibilities at the parent company.
 Robert F. Greenhill, former president of Morgan Stanley Group Inc., will join Primerica's Smith Barney Shearson subsidiary as its chairman and chief executive officer and will join Primerica's board of directors at its next meeting in July.
 Robert B. Willumstad, the consumer finance unit's current president, succeeds Mr. Lipp as chairman and chief executive of Primerica's Commercial Credit subsidiary. Marge Magner, executive vice president, has also been promoted to president and chief administrative officer of Commercial Credit.
 Mr. Zarb will assume management responsibility for Primerica's subsidiaries including Primerica Financial Services, American Capital Management & Research, RCM Capital Management and Transport Life Insurance Company. He will also serve on the Operating Committee of The Travelers together with Primerica's other representatives -- Sandy Weill, Bob Lipp, Jamie Dimon and John Fowler. In addition, Mr. Zarb will be responsible for various corporate administrative functions, including legal services, human resources, corporate communications, government relations, data processing and strategic development.
 Mr. Lipp will be responsible for directing Primerica's relationship with The Travelers Corporation and overseeing the management of all Consumer Finance Services operations, including Commercial Credit, together with the Gulf Insurance Company.
 Meeting Future Management Needs
 Sanford I. Weill, Primerica's chairman and chief executive, said, "We have in place at our company solid businesses with potential for increasing profitability and dynamic growth -- hopefully at an accelerating rate. However, our most important strength is our management, both as individuals and as a team.
 "For example," Mr. Weill said, "in Frank and Bob, we have two executives who, in six short years, have taken their respective businesses to premier positions competitively and financially." Mr. Weill pointed out that under the leadership of Frank Zarb, Smith Barney went from a $100 million pretax loss to earning at a run rate of $200 million after tax, and that Bob Lipp took an unfocused finance company, struggling to earn $25 million in 1986, and built it into a $200 million leader in the consumer finance business.
 "Now," said Mr. Weill, "I want Frank and Bob to apply their myriad skills to accelerating the growth of a broader range of Primerica's businesses, and to provide the strategic direction and leadership needed by the much larger company we are becoming. I have also asked Jamie Dimon, our president and chief financial officer, who is so integral to all Primerica's accomplishments, to work closely with me in building Smith Barney Shearson.
 "Also, I am delighted that we have attracted a talented executive like Bob Greenhill to our firm. Bob has been an intimate advisor to our company as well as a friend of long standing. His record speaks for itself and my respect for his ability, character and integrity has no bounds," concluded Mr. Weill. Building Smith Barney Shearson
 Mr. Greenhill said, "I've enjoyed my years at Morgan Stanley and am very proud of our many accomplishments. The record is clear. At the same time, Smith Barney Shearson is a unique and once-in-a-lifetime opportunity for me and I look forward to being partners with Sandy and Jamie, Frank and Bob, and Joe Plumeri and the many other talented people at Primerica and Smith Barney Shearson in building a preeminent global investment banking and securities firm."
 Mr. Zarb commented: "I am very excited about my new responsibilities and challenges and take pride in what we have achieved at Smith Barney. Bob Greenhill's experience and expertise in investment banking and capital markets combined with the formidable distribution power of the Smith Barney Shearson sales force under Joe Plumeri's direction will create a potent force in the investment world. I move into my new Primerica role knowing that Smith Barney has both the leadership and the capabilities necessary to exceed even my highest expectations and dreams."
 Joseph J. Plumeri, future president of Smith Barney Shearson, added, "Today's appointments only serve to increase my es?iasm about the potential of our new firm. They demonstrate the real commitment we have made to providing superior products to our clients and supporting the growth of our retail brokerage business."
 Primerica Corporation is a diversified financial services company with interests in investment banking and securities brokerage, mutual funds and asset management; consumer finance and credit cards; and life, accident and health, and property and casualty insurance.
 -0- 6/24/93
 /CONTACT: Mary McDermott, 212-891-8870, or Barbara Yastine, 212-891-8872, both of Primerica Corporation/
 (PA)


CO: Primerica Corporation ST: New York IN: FIN SU: PER

MP -- NY014 -- 5217 06/24/93 10:01 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
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