Sandy Weill and Citigroup

With this news, the long-standing issue of succession at Citigroup was resolved. But the market didn't receive the news well and Citigroup's shares fell from $46.83 to $45.52 on the New York Stock Exchange, the day the announcement was made. Analysts said the fact that Charles Prince (the announced successor) was not as well-known as Weill in the investor community was the main reason for the sharp drop. The 45-year long Wall Street career of Weill was full of ups and downs; there were mega-mergers and controversies. He gained respect, honors, awards and made millions of dollars in his career. However, he was also criticized for his tough cost-cutting decisions, for firing people who disagreed with him and for not having a succession plan in place.

But if you put 100 people in a room and give them a problem, Sandy will have the most practical solution, and he'll have it fast."³ Weill followed his gut feelings and rarely relied on reports and memos for decision-making. He managed his company by talking to the people working in it, and maintaining a good relationship with them. Weill received many awards and recognitions in his career. He was named 'CEO of the Year' by Chief Executive magazine in June 2002. In the same year, Columbia University awarded him its 'Distinguished Leader of the Year' Award in Business. He was on the boards of several companies like Du Pont (1998 to 2001), AT&T (1998 to 2002) and United Technologies Corp (1999 to 2003).