Word: citi
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...annual dividend 75% to $1.40--very timely for CEO Sandy Weill, who is retiring from that role at the end of the year but is staying on as chairman. With a net worth of $1 billion, it's not as if Weill needs the money. Still, his 22 million Citi shares will spin off $27 million a year in after-tax income, up from $11 million. "That income stream only comes because I've taken the risk along with the other shareholders in this company," Weill told Time...
...need only check the stock tables for evidence that Citi shareholders are accustomed to a larger-than-life boss. Citi stock fell 5% on the succession news, and even a brief dip is no small matter at a company with an intense culture of ownership. That culture keeps executives fixated on creating value and has helped generate remarkable returns for shareholders. Those who have stood by Weill since he invested $6 million of his own money and gained control of consumer lender Commercial Credit in 1986 have earned about six times the market average, a stellar run that, until last...
...Lovell. "He hasn't been out front before. That's where he's really got to pick up the slack." Prince doesn't necessarily accept that. "Everybody's personality is different," he told TIME. "I don't expect to see myself in the society pages." That's fine with Citi's board. "What good is a high profile?" says Richard Parsons, who is CEO of AOL Time Warner (which publishes TIME) and a Citi director. "We need somebody who can actually do some stuff...
...banker who ran Smith Barney and worked with Prince in the mid-1990s. Prince also wins high praise from his adversary in the stock research dustup, New York Attorney General Eliot Spitzer. Late last December, Spitzer was trying to wind up a $1.4 billion settlement with 10 brokerages (including Citi) that had been accused of misleading clients with faulty stock research. Spitzer feared that the talks were losing steam, so one morning he insisted that the major firms send to his office someone empowered to make an immediate decision. Citi sent Prince and a team of lawyers. Spitzer issued...
...forged a long run of acquisitions--all negotiated by Prince--from Primerica to Travelers to Shearson to Salomon Brothers to Citicorp. Prince gained the upper hand as Weill's successor last year when Weill asked him to run the firm's investment banking business and get Citi out of Spitzer's cross hairs...