Word: weills
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...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 year's string of scandals, produced the "Weill premium"--a higher share price relative to earnings...
That Prince is a lawyer who has functioned as Weill's Mr. Fix-It says a lot about financial institutions these days. Citi is still stinging from a string of ethical lapses related to its financing of Enron and to the tainted stock research of former telecom analyst Jack Grubman that helped feed the stock-market bubble. There's also plenty of skepticism, even inside the firm, that Prince is anything more than a seat warmer to get through this turbulent period. A quiet man and a consummate insider, Prince also faces a personal challenge: he will have to step...
...issued his ultimatum: Sign the deal, or he would see them in court. "The lawyers wanted to push back," Spitzer recalls. "Prince cut them off. He basically said, 'O.K., we're done. It's a deal.' He wanted to get this behind him." Prince didn't check in with Weill until later. Soon after, the two sides tied up loose ends and Citi agreed to pay its $400 million fine. The deal also barred Weill from speaking to his analysts without a lawyer present...
Many experts view Weill's position--as soon-to-be ex-CEO and chairman--as trouble for Prince. It's "pretty unusual and pretty inhibiting" for a departing CEO to stay on as chairman for two years, says Robert Mittelstaedt, a professor at Wharton Business School. "It means Sandy Weill is still in charge." Rakesh Khurana, the author of a book about America's obsession with charismatic CEOs, says of Prince, "He's in CEO purgatory." Weill insists he is moving on. "This was my decision and my timing," he told TIME. "Why in the world would...
...some ways CEO purgatory has been a familiar place for Prince, a quiet lifetime sidekick who once postponed his kidney surgery to help Weill close a deal. He has always been on hand when Weill is taking a bow. But he is the man on whom Weill has relied consistently in the crunch. "I've seen Sandy turn to Chuck over and over again," says a banker who has worked with both men. And Prince's willingness to recognize the good work of others and even let them take credit endears him to many...