WALL STREET CONGLOMERATOR: SHEARSON, TRAVELERS, CITIGROUP
Iretired as CEO of Citigroup in 2003 and retired as chairman in 2006 because I was afraid of making an abrupt change in my life. That turned out to be a mistake, as I should have retired from both positions at the same time. When you’ve been the CEO of something for a long time and you retire, you should really retire. As chairman I spoke to directors about various issues and things that I thought were wrong, and I felt I was sometimes getting a response that they thought I wanted my old job as CEO back. I stress the importance of having another life outside of business so that when it does come time to retire, the transition is easier. For me that other life has been in philanthropy for the last four decades.