Michael Carpenter: Sandy Weill's Fair Haired Boy?Heather Timmons
Has Sanford "Sandy" Weill, Citigroup's tireless CEO, settled on a successor? Citigroup on July 25 split up Michael Carpenter and Victor Menezes, who had been co-heads of investments and corporate business. Menezes, 51, was farmed out to run emerging markets. Carpenter, 53, will remain head of Citi's investment and corporate businesses, where second-quarter profits grew 24% from a year earlier and accounted for 30% of Citi's earnings.
The 67-year-old Weill promised in February, when co-CEO John Reed retired, that he would draft a succession plan in two years. Weill watchers say Carpenter's solo reign may be a sign he's a candidate.
And why not? Carpenter is yet another Weill lieutenant, having been head of the life insurance and annuity unit of Travelers before its 1998 merger with Citibank. The British-born Carpenter may be best remembered for running the former Kidder Peabody during its 1994 bond-trading scandal. He left Kidder then and moved soon to Travelers. Seems to have been a good insurance plan.