Citigroup Co-CEOs to Divide Tasks

Citigroup Inc. said that its co-chief executives, Sandy Weill and John Reed, have split the tasks of running the No. 1 financial services company and will no longer make all decisions jointly. Reed and Weill, who have a highly unusual power-sharing agreement at the top, told senior Citigroup managers in an internal memo: “We no longer feel the need to attend every meeting together or read all the same memos. Instead, we can better divide the job of leading this great company and simplify the decision-making process.” Under the new agreement, Weill and Reed said they would continue to share the titles of chairman and co-CEO and would consult with each other on all major decisions. But Weill, who led Travelers Group before it merged with Citicorp, would oversee the company’s financial and business operations, while Reed, the former head of Citicorp, would run Internet initiatives, technology and human resources. They would both focus on risk, credit and strategic planning.