John S. Reed

For other people named John Reed, see John Reed (disambiguation).

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 and MIT, earning an S.B. from the MIT Sloan School of Management in 1961. He was also a member of Lambda Chi Alpha Fraternity while at 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 (repealling 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 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 a Director of Altria Group.

References

• Augier, Mie. Making Management Matter: An Interview With John Reed. Academy of Management Learning & Education, 2006, Vol. 5, No. 1, 84-100.