Michael E. O'Neill

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Michael E. O'Neill (born 1946) is an American business executive. He is currently the chairman of Citigroup.

Early life and education[edit]

He was born in Santa Monica, California and spent much of his early life in Europe and Asia. He graduated from Princeton University in 1969 and rose to the rank of lieutenant in the Marine Corps between 1969 and 1971.[1] He received an MBA in 1974 from the University of Virginia.[2]

Career[edit]

In 1974 he joined Continental Illinois and moved to First Interstate Capital Markets in 1984 returning to Continental in 1989 to manage its mergers and acquisitions advisory business. In 1992 he became CFO of Continental. After Continental was acquired by BankAmerica he was head of its global equity investments division in 1994 and 1995. From 1995 to 1999 he was BankAmerica's CFO.[2][3]

In 1999 he became chief executive of Barclays Bank but resigned after two months because he had developed an arrhythmic heartbeat.[2] From 2000 to 2004 he was chairman and CEO of Bank of Hawaii.[2]

In 2009 he became a member of Citigroup's board of directors. In September 2011 he became chairman of the bank's Citibank NA division, and in March 2012 he was named chairman.[2]

Resignation of Vikram Pandit[edit]

On October 16, 2012, then CEO Dr. Vikram Pandit has resigned unexpectedly.[4] Michael Corbat, previously Citigroup's CEO of Europe, Middle East, and Africa, was named as his replacement.[5] While Pandit and the company maintain that he resigned, Bloomberg News cited anonymous board sources indicating that Pandit was forced out by the board after eroding investor confidence and damaging company relations with regulators over an extended period.[6] The New York Times later identified Chairman Michael E. O'Neill as the driving force behind a months-long secret effort to oust Pandit, which culminated in a surprise ultimatum to Pandit stating that he must resign immediately, resign at the end of the year, or be fired.[7] His resignation followed multiple payouts to investors during ongoing fraud allegations.[8][9][10]

References[edit]

  1. ^ Bobby N. Harmon. "Woo vs. Harmon - Witness Michael O'Neil, Chair/CEO Pacific Century Financial Corp". Kycbs.net. Retrieved 2012-03-03. 
  2. ^ a b c d e Grocer, Stephen. "Citi’s Next Chairman: A Timeline of Michael O’Neill’s Career - Deal Journal - WSJ". Blogs.wsj.com. Retrieved 2012-03-03. 
  3. ^ "Michael E. O'Neill Profile - Forbes.com". People.forbes.com. Retrieved 2012-03-03. 
  4. ^ JESSICA SILVER-GREENBERG and SUSANNE CRAIG; Michael J. de la Merced contributed reporting (17 October 2012). "Citigroup's Chief Resigns His Post In Surprise Step". Section: A. New York Times. 
  5. ^ de La Merced, Michael J. "Pandit Steps Down as Citi’s Chief". NYTimes.com. 
  6. ^ "Citigroup Board Said to Oust Pandit After Multiple Setbacks". 
  7. ^ Jessica Silver-Greenberg and Susanne Craig (October 25, 2012). "Citi Chairman Is Said to Have Planned Chief's Exit Over Months". New York Times. Retrieved October 25, 2012. 
  8. ^ Independent (November 8, 2012). "Why Is The S.E.C. Concealing Massive Citigroup Fraud?". Daily Bail. Retrieved 8 November 2012. 
  9. ^ Independent (September 5, 2012). "Did Citigroup Defraud Billions from U.S. Ally Abu Dhabi?". Alter Net. Retrieved September 5, 2012. 
  10. ^ "Citigroup to pay $2 billion to Enron investors". NBC News. October 6, 2005. Retrieved October 6, 2005. 
Business positions
Preceded by
Richard Parsons
Chairman of Citigroup
2012–present
Incumbent