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2004 World Technology Awards Winners & Finalists
Please describe the work that you are doing that you consider to be the most innovative and of the greatest likely long-term significance.
The consummate dealmaker shook the financial world in 1998, when his Travelers Corp.. agreed to buy banking giant Citicorp for $72 billion. In one bold stroke, his financial-services empire, renamed Citigroup, went global, with about 100 million customers in 100 countries. To get the deal done, Weill, 68, persuaded Washington lawmakers to end restrictions that prevented U.S. firms from offering both insurance and commercial banking. That paved the way for U.S.-based global financial conglomerates, which as they evolve have Weill to thankóand Weill to chase.
Sanford I. Weill is Chairman of Citigroup Inc., the diversified global financial services company formed in 1998 by the merger of Citicorp and Travelers Group. Mr. Weill retired as CEO of Citigroup on October 1, 2003 and will serve as Chairman until April 2006. † Mr. Weill, who had been Chairman and CEO of Travelers, became Chairman of its predecessor, Commercial Credit Company, in 1986, successfully leading the company through a public stock offering by its then-parent, Control Data Corporation. Commercial Credit acquired Primerica Corporation in 1988 and adopted its name until 1993, when Primerica acquired The Travelers Corporation and adopted the Travelers Group name. In 1997, the company acquired Salomon Inc. and combined it with its Smith Barney unit to form the global securities and investment firm, Salomon Smith Barney. † Prior to 1986, Mr. Weill had been President of American Express Company and Chairman and Chief Executive Officer of its Firemanís Fund Insurance Company subsidiary. † His affiliation with American Express began in 1981 when the company acquired Shearson Loeb Rhoades. Shearsonís origins date back to 1960 when Mr. Weill and three partners co-founded its predecessor, Carter, Berlind, Potoma & Weill. He served as the firmís Chairman from 1965 to 1984, a period in which it completed over 15 acquisitions to become the countryís second largest securities brokerage firm. In 1993, when Travelers Group acquired Shearson Lehman Brothersí retail brokerage and asset management businesses, he was reunited with the firm he founded. † Mr. Weill became a Director of the Federal Reserve Bank of New York in 2001. He also served as a Director on the Boards of United Technologies Corp. from 1999 to 2003, AT&T Corp. from 1998 until 2002, and of E. I. Du Pont Nemours and Company from 1998 until 2001. Also, Mr. Weill, the 1997 recipient of the New York State Governorís Art Award, has been Chairman of the Board of Trustees of Carnegie Hall since 1991, and previously served as Co-Chairman of the Steering Committee for the Campaign that raised $60 million for the Hallís restoration. He is also a Director of the Baltimore Symphony Orchestra. Mr. Weill is Chairman of the Board of Overseers for The Joan and Sanford I. Weill Medical College and Graduate School of Medical Sciences of Cornell University, having joined the board in 1982 and becoming chair in 1996. (Cornell named the medical college after the Weills in April 1998 in recognition of their support.) A Trustee Emeritus of the university, he serves on the Advisory Council of its Johnson Graduate School of Management. In addition, he is a Trustee of New York Presbyterian Hospital and an Overseer of Memorial Sloan-Kettering Cancer Center. He is a member of The Business Council and The Business Roundtable. He served on the Working Group on Child Care, headed by then U.S. Secretary of the Treasury Robert E. Rubin. In July 2002, Mr. Weill was the recipient of Chief Executive magazineís 2002 CEO of the Year Award. † Long a proponent of education, Mr. Weill instituted a joint program with the New York City Board of Education in 1980 that created the Academy of Finance, which trains high school students for careers in financial services. He serves as Chairman of the National Academy Foundation, which oversees more than 394 Academies that operate across the country, and is the principal sponsor of New York Cityís High School of Economics and Finance. † Mr. Weill, who was born on March 16, 1933, is a graduate of Cornell University.
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