Citigroup Inc.’s Sanford “Sandy” Weill has said he will stay on as chairman of the world’s largest bank until next April, in a memo to employees. This puts an end to speculation that he would depart to start a private equity fund.
“It has hurt me to read speculation that in pursuing any new venture, I might somehow find myself competing with Citigroup or acting contrary to the company’s interests,” Weill said the memo. “Nothing could be further from my mind. In fact, it was my hope to establish a business whose activities would complement and benefit Citigroup.”
Weill, 72 created New York-based Citigroup in October 1998 by merging his Travelers insurance company with Citicorp. He was succeeded as chief executive officer in October 2003 by Charles Prince, who remains CEO. Weill intends to remain chairman until Citigroup’s April 2006 annual meeting.