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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 21, 2000
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Citigroup Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-9924 52-1568099
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
153 East 53rd Street, New York, New York 10043
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(Address of principal executive offices) (Zip Code)
(212) 559-1000
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(Registrant's telephone number, including area code)
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Citigroup Inc.
Current Report on Form 8-K
Item 5. Other Events.
On July 21, 2000 Citigroup Inc. announced that the Board of Directors of
Citigroup has elected Robert I. Lipp to the Board of Directors and appointed
him Vice Chairman and a Member of the Office of the Chairman. In his new role
in the Office of the Chairman, Mr. Lipp will add overall responsibility for
cross-selling, developing operating systems for Citigroup's global businesses
and the company's efforts in technology.
Mr. Lipp will retain his current positions as Chairman and Chief Executive
Officer of the Global Consumer Group and a member of the company's Management
Committee.
Sanford I. Weill, Chairman and Chief Executive Officer, said, "Given Bob's
accomplishments over his 14 years at Citigroup and especially the very strong
performance of the global consumer business over the past two years, his
appointment to the Board of Directors is well-deserved, and I am delighted that
he will be joining Bob Rubin and me in the Office of the Chairman. To reach the
next stage of our growth, we need to build on our success in cross-selling,
create state-of-the-art operating systems for our diverse global businesses and
increase our use of technology to better serve customers and enhance
efficiency. As one of the best operating managers in business, a true "czar" of
cross selling within our organization and an experienced expert in systems and
technology, Bob is a tremendous asset to our company."
Mr. Lipp, 62, joined Commercial Credit Company, one of Citigroup's predecessor
companies, in 1986 to direct its Consumer Finance segment. He became Chairman
and Chief Executive of the company's insurance services segment following the
acquisition of The Travelers Corporation on December 31, 1993. Following that
acquisition, he dramatically changed the culture of the company, spun off the
medical insurance business, acquired the Aetna property-casualty business,
formed a new property-casualty subsidiary and increased operating earnings for
Travelers' insurance operations from $150 million in 1993, to $1.16 billion in
1996. In 1997, Business Week recognized Mr. Lipp's accomplishments, naming him
among the "Top 25 Managers" of 1996.
In 1999, the Travelers Insurance businesses recorded nearly $2 billion in
operating income.
Mr. Lipp has held his current positions since the formation of Citigroup in
1998, designing and spearheading the integration of the consumer businesses of
Citicorp and Travelers. In its first full year as a combined organization, the
Consumer segment reported a 38% increase in core earnings, from $3.2 billion in
1998 to $4.4 billion in 1999. Recently, Mr. Lipp also assumed corporate-wide
responsibility for Technology Services, cross-selling and "middle-office"
activities,
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with the goal of developing the company's operational resources and efficiencies
and integrating, coordinating and promoting cross-marketing worldwide.
Prior to joining Citigroup, Mr. Lipp spent 23 years with Chemical New York
Corporation. From 1983 to 1986, he was President and Director of Chemical New
York Corporation and Chemical Bank, where he was responsible for the Personal
Banking Services Group.
A graduate of Williams College, Mr. Lipp holds an M.B.A. from Harvard University
Graduate School of Business Administration and a law degree from New York
University. He is President of the New York City Ballet; a Trustee of Williams
College; Chairman of Dance-on, Inc., a private foundation; and a Director of
Massachusetts Museum of Contemporary Art in North Adams, MA.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: July 24, 2000 CITIGROUP INC.
By: /s/ Stephanie B. Mudick
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Name: Stephanie B. Mudick
Title: Assistant Secretary
