John Shepard Reed (born 1939) is the former Chairman of the New York Stock Exchange. He previously served as Chairman and CEO of Citicorp, Citibank, and post-merger, Citigroup.
He was born in Chicago, Illinois, and raised in Argentina and Brazil. Reed earned his undergraduate degrees in a 3-2 program from Washington and Jefferson College (W&J) and Massachusetts Institute of Technology (MIT), earning a B.S. from the MIT Sloan School of Management in 1961. He was also a member of Lambda Chi Alpha Fraternity while at W&J and MIT. He served two years in the U.S. Army before returning to get his master's degree in management from the MIT Sloan School of Management in 1965. [1]
Reed was heavily responsible for pushing for the adoption of the ATM around the USA, and led Citicorp through a perilous period in the early 1990s. He was approached by Sandy Weill to merge with Travelers Group after the Gramm-Leach-Bliley Act of 1999 (repealing the Glass-Steagall Act of 1932), allowing banking and insurance companies to merge. The result was Citigroup, where Reed was later ousted in a management shakeup with Weill. Reed's departure was announced in a February 28, 2000 press release. In the aftermath of the November 2008 federal bailout of Citigroup, Reed was described as deeply skeptical of the "Wall Street financial engineering" that led to its collapse and "committed to consumer banking and sound commercial underwriting."[1]
Reed was asked to be interim CEO of the New York Stock Exchange after the Richard Grasso over-compensation scandal. He accepted the job for a $1 salary and set up new governance rules as the NYSE became a public corporation.
Reed is on the board of directors at Altria Group.
References
- ^ Pearlstein, Steven (2008-11-24). "Too Big to Succeed?". The Washington Post (The Washington Post Company). http://www.washingtonpost.com/wp-dyn/content/article/2008/11/24/AR2008112400745.html?hpid=topnews. Retrieved 2008-11-24.
- Augier, Mie. Making Management Matter: An Interview With John Reed. Academy of Management Learning & Education, 2006, Vol. 5, No. 1, 84-100.
Reed's resignation: http://www.citigroup.com/citigroup/press/2000/000228a.htm
External links
| Business positions | ||
|---|---|---|
| Preceded by Walter B. Wriston |
Chairman of Citicorp/Citigroup 1984-1998 (Citicorp) 1998-2000 (co-Chairman of Citigroup) |
Succeeded by Sanford I. Weill |
| Preceded by Richard Grasso |
Chairman of the New York Stock Exchange 2003 – 2005 |
Succeeded by Marsh Carter |
|
||||||||||||||||||||
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
