Victor Menezes

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Victor Menezes
Born14 May 1949
NationalityIndian
EducationIndian Institute of Technology, Bombay
MIT Sloan School of Management
OccupationBanker
Spouse(s)Tara Anne Fonseca
Parent(s)Manuel Menezes
RelativesIvan Menezes (brother)

Victor J. Menezes (born 14 May 1949) is a banker.[1]

Early life[edit]

He was born in Pune, India on 14 May 1949,[2] the son of Manuel Menezes, who was the chairman of the Indian Railway Board. His younger brother Ivan Menezes is CEO of Diageo.[3]

He received his degree in electrical engineering from the Indian Institute of Technology, Bombay in 1970. He received an MBA from the MIT Sloan School of Management in 1972.

Career[edit]

In 1972, he joined Citicorp in Corporate Banking. Later, he was posted in "practically every continent" – as one bio-sketch put it.[citation needed] He rose to the post of Chief Financial Officer[4] in 1995. He retired from Citigroup as Senior Vice Chairman[5] after a 32-year global career there. Currently he chairs the Advisory Board for Citi India. Victor Menezes is Senior Advisor of New Silk Route, an international private equity firm.[6] Menezes Chairs the American India Foundation,[7] is a Vice Chairman of the Asia Society[8] and of Catholic Charities in New York.[9] He chairs the Executive Committee of the Eisenhower Fellowships. He is a board member of Educational Testing Service[10] and the MIT Corporation and is on the advisory boards of IIT, Indian School of Business (ISB), MIT Sloan and INSEAD.[2] He also has a convention centre named after him at the Indian Institute of Technology Bombay known as the Victor Menezes Convention Centre (VMCC) which was inaugurated by Mr. Kapil Sibal on 8 January 2011.[11]

Menezes was the Chairman of the Clearing House Association;[12] serves as a trustee of the Asia Society, the Eisenhower Fellowships and the American India Foundation. He was named Chairman of the Board of Governors of the National Center for Asia Pacific Economic Cooperation (APEC).[citation needed] Menezes was a member of Citigroup’s Management Committee and Business Heads Committee. The IIT Bombay calls Menezes its "product" who reached the highest levels of banking and finance.

The Securities and Exchange Commission alleges in its complaint that on March 28, 2002, as part of a cashless exercise transaction, Menezes exercised 825,960 Citigroup stock options and sold 597,000 of the resulting shares at a price of $49.99 per share to cover the taxes and costs of the option exercise. As part of the transaction, Menezes retained 228,960 shares. The complaint alleges that, at the time of this transaction, Menezes was in possession of material, nonpublic information regarding Citigroup's plan to report first quarter 2002 losses totaling hundreds of millions of dollars related to the company's Argentine operations, which Menezes supervised. According to the complaint, Menezes was also aware that Citigroup would miss consensus earnings estimates for the quarter. The final judgment also requires Menezes to pay $1,567,557 of disgorgement, pre-judgment interest of $328,822.77 and a $783,778 civil penalty, for a total payment of $2,680,157.77.[13] [14] [15][16][17]

References[edit]

  1. ^ "IIT-Bombay gets $3 million gift". Hindustan Times. 5 January 2011. Archived from the original on 10 January 2011. Retrieved 21 January 2011.
  2. ^ a b "Global Banker". Business India, Issues 687-693. A.H. Advani. 2004. pp. 121–. Retrieved 10 June 2011.
  3. ^ "Indian to head world's top liquor co". Times of India. Retrieved 6 February 2015.
  4. ^ Weill, Sandy; Kraushaar, Judah S. (9 October 2006). The real deal: my life in business and philanthropy. Hachette Digital, Inc. pp. 225–. ISBN 978-0-446-57814-1. Retrieved 10 June 2011.
  5. ^ The best 143 business schools. The Princeton Review. 21 September 2004. pp. 390–. ISBN 978-0-375-76418-9. Retrieved 10 June 2011.
  6. ^ Primack, Dan (1 March 2011). "Alleged inside trader is more than a "consultant" and ex-Goldman director". CNN Money. Retrieved 10 June 2011.
  7. ^ Kamdar, Mira (2007). Planet India: how the fastest-growing democracy is transforming America and the world. Simon and Schuster. pp. 24–. ISBN 978-0-7432-9685-4. Retrieved 10 June 2011.
  8. ^ Society, Asia (2006). A passion for Asia: the Rockefeller legacy: a publication in celebration of the 50th anniversary of the Asia Society. Hudson Hills. pp. 224–. ISBN 978-0-87848-103-3. Retrieved 10 June 2011.
  9. ^ "Catholic Charities NY: Board of Trustees". Catholic Charities. Retrieved 10 June 2011.
  10. ^ "EDUCATIONAL TESTING SERVICE, INC". Arizona Corporation Commission. Retrieved 10 June 2011.
  11. ^ "Alumnus gifts $3m to IIT-B to set up convention centre". Indiatimes. 5 January 2011. Retrieved 10 June 2011.
  12. ^ "The Clearing House elects Wachovia CEO as chairman of board of directors". Finextra. 7 April 2004. Retrieved 10 June 2011.
  13. ^ "Victor J. Menezes: Lit. Rel. No. 19549 / January 31, 2006". www.sec.gov. Retrieved 3 October 2017.
  14. ^ https://www.washingtonpost.com/wp-dyn/content/article/2006/01/31/AR2006013101870.html
  15. ^ https://www.marketwatch.com/story/ex-citigroup-executive-sec-settle-insider-trading-case
  16. ^ https://www.forbes.com/2006/01/31/menezes-sec-citigroup-cx_lm_0131autofacescan15.html#3eaca3a7389a
  17. ^ https://articles.latimes.com/2006/feb/01/business/fi-briefs1.5