John Reed, The Ceo Who Never Sleeps

Succession questions at Reed's restless Citi

The early 1990s were dark indeed for Citicorp. Low on capital and contending with mounting loan losses, Citi faced almost daily rumors that Chairman and Chief Executive Officer John S. Reed was about to step down, either at the behest of Citi's board or of regulators. As part of the struggle to get the bank back on track, Reed abandoned Citi's traditional hierarchical structure. He made 15 business heads around the world report directly to him, flying into New York for monthly reviews of their progress toward tough performance goals.

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