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FOR IMMEDIATE RELEASE January 15, 2002 Robert B. Willumstad Named Citigroup President New York - Citigroup has named Robert B. Willumstad as President. Mr. Willumstad will retain his current position as Chairman and Chief Executive Officer of the Consumer Group and continue as a member of the company’s Management Committee. In addition, he will add responsibility for the firm’s financial and human resources functions. Accordingly, Todd Thomson, Chief Financial Officer, and Michael Schlein, head of Human Resources, will report to Mr. Willumstad. Sanford I. Weill, Chairman and Chief Executive Officer, said, “Bob has amassed an extraordinary record of accomplishment over his 15 years at Citigroup. He has consistently developed talented management teams in every part of the company he has run. His leadership of the North American consumer business has led to a significant expansion of our operations. Last year’s acquisition and integration of The Associates into Citigroup have led to significant contributions to our earnings and toward the creation of a global consumer finance franchise. I look forward to working closely with Bob and the rest of our management team to help me run this company even better. Together, we will ensure that Citigroup continues to develop the leaders necessary for this company to grow, prosper and reach its true potential. As Chairman and CEO of the Consumer Group, Bob Willumstad oversees Citigroup’s North America Cards businesses, Citibanking North America, CitiFinancial, Citigroup’s Mortgage Banking businesses, and Primerica and has product responsibility for Global Cards and Consumer Finance. Mr. Willumstad is also responsible for Citigroup’s e-Consumer unit, which provides Internet payment solutions and financial services offerings across all of Citigroup’s consumer businesses – banking, insurance, mortgages, student loans and other consumer loans, and discount brokerage services. He assumed his e-Consumer responsibilities in April 2000 and his role as head of the Consumer business in December 2000. In addition, Mr. Willumstad was recently named to lead the consumer business in Western Europe and Japan. Previously, Mr. Willumstad was Vice Chairman/Global Consumer Group, and led Citigroup’s Global Consumer Lending. Mr. Willumstad was named to the Global Lending position shortly after Citigroup, a global diversified financial services company, was created by the merger of Citicorp and Travelers Group in October 1998. Prior to the formation of Citigroup, he was Chairman and CEO, Travelers Group Consumer Finance Services. Mr. Willumstad joined Commercial Credit, now CitiFinancial, in 1987. He played a key role in expanding Commercial Credit in less than 10 years from a small consumer finance company into one of the industry’s leaders with more than $50 billion in receivables and more than 2,000 branches. Prior to joining Citigroup’s predecessor companies, Mr. Willumstad spent 20 years with Chemical Bank in positions spanning operations, retail banking and computer systems, including the post of President of Chemical Technologies Corporation. Mr. Willumstad is a member of the Board of Directors of MasterCard International. He also serves on the board of Habitat for Humanity. # # #
Citigroup (NYSE: C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup’s trademark red umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at: www.citigroup.com. |