Citigroup - Weill Gets $264m 'Retirement' Payout
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The New York Post reports that, just a day or so after stepping down as CEO at Citigroup, Sandy Weill got a $264m payout from the financial services giant, which bought around a quarter of his shareholding in the group from him. The payout is said to have been designed to help Weill with his retirement planning. He is, however, not really retiring as he will continue as Citigroup chairman until at least 2006.
And he still has around $792m in shares left and will also receive a $700,000 lifetime annuity cheque. Weill's shareholding in Citigroup was so large that he is said to have received $32m from his last annual dividend. This latest transaction was the maximum allowed under Citigroup's stock ownership policy.
A Citigroup spokesman said that Weill 'decided to sell the stock in order to facilitate his financial planning'. Forbes magazine had Weill down as the 162 richest man on the planet last year, with a net worth of around $1.4bn.
$1.4bn is almost an obscene amount of money, but wouldn't we all like some of it! Before we get too carried away and knock Weill again, though, let's remember that the 70-year-old is a self-made man who worked hard for almost half a century for what is now his. Starting life as a messenger in 1955, he was the man who built Citigroup up into a business managing $1.1 trillion in assets with 100,000 staff worldwide. The CEO we all love to hate, you can't take it away from him - the boy did well. Good luck to him. Who will make the headlines when he finally walks away ?
A Citigroup spokesman said that Weill 'decided to sell the stock in order to facilitate his financial planning'. Forbes magazine had Weill down as the 162 richest man on the planet last year, with a net worth of around $1.4bn.
$1.4bn is almost an obscene amount of money, but wouldn't we all like some of it! Before we get too carried away and knock Weill again, though, let's remember that the 70-year-old is a self-made man who worked hard for almost half a century for what is now his. Starting life as a messenger in 1955, he was the man who built Citigroup up into a business managing $1.1 trillion in assets with 100,000 staff worldwide. The CEO we all love to hate, you can't take it away from him - the boy did well. Good luck to him. Who will make the headlines when he finally walks away ?
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