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Robert B. Willumstad
From Wikipedia, the free encyclopedia
Under Sanford I. Weill, Willumstad helped to steer the 1998 merger of Travelers Group and Citicorp. From 2000 to 2003, he was the Chairman and CEO of Citigroup’s Global Consumer Group. He was named President of Citigroup in 2002, and assumed the post of Chief Operating Officer in 2003, while continuing to serve as CEO and President of Citibank North America. Some suggested that he had been passed over for CEO in favour of Charles Prince, despite being in charge of Citi’s largest business.
Willumstad became CEO on June 15, 2008, after Martin J. Sullivan was ousted. One of Willumstad’s initiatives was to repair the rift with Greenberg. Edward M. Liddy is expected to succeed Willumstad to oversee the company’s government-financed asset sale. Willumstad refused a $22 million severance payment for his three month’s work at AIG since he was never able to enact his strategy. AIG’s stock price declined 97% during his short tenure due to preexisting company conditions.
- ^ Adelphi University (2005–04-26). “Robert B. Willumstad, President and COO of Citigroup, Inc., to Receive Honorary Degree from Adelphi University at 109th Commencement, May 15, 2005“. Press release. Retrieved on 2008–09-16.
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- ^ a b AP (2008–06-16). “AIG’s new CEO Robert Willumstad gets his big break in a tough climate“, International Herald Tribune. Retrieved on 2008-09-16.
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- ^ “Robert Willumstad elected as new AIG chairman“, Insurance Business Review (2006–09-20). Retrieved on 2008-09-16.
- ^ Bawden, Tom (2008–06-17). “New AIG chief Robert Willumstad to look at all the options“, The Times. Retrieved on 2008-09-16.
- ^ “AIG Gets $85 Billion Fed Loan, Cedes Control to Avert Collapse“. Bloomberg.com (2008–09-16). Retrieved on 2008–09-16.
- ^ http://biz.yahoo.com/rb/080922/financial_aig_willumstad.html
- ^ AIG’s ex-CEO Willumstad to forego $22 million severance, Muckety via Wall Street Journal, 2008–09-22
- ^ Committee Holds Hearing on the Causes and Effects of the AIG Bailout Retrieved 2008–10-07
- ^ Testimony of Robert Willumstad (PDF} Retrieved 2008–10-07