Citigroup announced Friday that William I. Campbell, Co-Chief Executive Officer of the Global Consumer Group, has decided to retire later this year.
“When I joined Citicorp in 1995, I wanted to help bring the Consumer Group to a new level,” Mr. Campbell said. “The momentum behind our great progress was accelerated by our October merger with Travelers, which enabled us to establish, in one transaction, greater efficiency, broader product diversification and the ability to cross-market products globally through expanded and varied distribution channels. With clear evidence of the success of our merger and confidence that our long-term franchise goals are well embedded in our businesses, I have concluded that this is an opportune time for me to pursue other interests in my life. I know that Bob Lipp and the rest of our team have the ability to continue to bring the Consumer business to new heights of accomplishment.
John S. Reed and Sanford I. Weill, Co-Chief Executive Officers of Citigroup, said, “Bill has played an enormous role in the successful integration of our consumer businesses and has helped to lead the Consumer segment to the record results it is achieving. We understand the reasons behind his decision, and are pleased that he has agreed to remain available on a consulting basis to assure a smooth transition and to help the Consumer Business reach its goals for 1999. He takes this step with our respect and best wishes. At the same time, we know that Bob Lipp, who immediately becomes Chairman and Chief Executive Officer of the Global Consumer Group, will provide solid leadership for us.”
Robert I. Lipp said, “At the time of the merger that created Citigroup, the tremendous potential we had to establish a new model for serving our customer’s financial needs was clear. Bill has been an important part of our efforts both to create this model and to lead it to the financial success it is now achieving. I will miss his day-to-day involvement both personally and professionally.”
Citigroup (NYSE: C), the world’s most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 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. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, Commercial Credit and Primerica under Citigroup’s trademark red umbrella. Additional information can be found at: [www.citi.com].