John S. Reed

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John Shepard Reed (born 1939; age 75) 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 is currently the Chairman of the Massachusetts Institute of Technology's board of trustees.[1]

Biography[edit]

He was born in Chicago, Illinois, and raised in Argentina and Brazil.[2] 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.[2] 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.[3]

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 a year before the Gramm-Leach-Bliley Act of 1999 (repealing the Glass–Steagall Act of 1933), allowing banking, insurance and securities 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 28 February 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."[4]

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 the Chairman of the Massachusetts Institute of Technology's Corporation (board of trustees).[1]

He was a longtime member of the board of directors of Altria Group (and predecessor Phillip Morris Companies) through his retirement in 2008.[5]

References[edit]

  1. ^ a b "Corporation Member: John Shepard Reed ’61". MIT Corporation website
  2. ^ a b "Reed, John". Education for a Lifetime. Washington & Jefferson College. Archived from the original on 2012-05-15. Retrieved 2012-05-15. 
  3. ^ "John Reed nominated to chair MIT Corporation", MIT News, 12 April 2010
  4. ^ Pearlstein, Steven (2008-11-24). "Too Big to Succeed?". The Washington Post (The Washington Post Company). Retrieved 2008-11-24. 
  5. ^ ALTRIA GROUP, INC (Feb 28, 2008). "SEC Form 10K: 2007 Annual Report". United States Securities and Exchange Commission. Retrieved 25 May 2013. "John S. Reed has elected to retire from the Altria Group, Inc. Board of Directors." 

Further reading[edit]

External links[edit]

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