Sandy Weill's golden years are looking fairly well planned-for about now.
retired this week after a long run as the big bank's chief executive. On Thursday, he peeled off a quarter of his stake in the financial services juggernaut that he built in a series of bold maneuvers.
Weill sold some $264 million worth of Citi stock Thursday, dealing 5.6 million shares back to the New York company for $47.14 each. "Mr. Weill decided to sell the stock in order to facilitate his financial planning in light of his new stage," Citi explained in a press release.
Citi agreed to buy the stock back from Weill, who made $9 million in salary last year and has long ranked among Wall Street's best-compensated executives, after the board approved an exception to a policy prohibiting the acquisition of stock from employees. Weill will continue to hold 16.8 million shares as long as he sits on the Citi board, the company said.
Weill, 70, is scheduled to remain chairman until the 2006 shareholders meeting. Last month Citi named Charles Prince, 53, CEO and Robert Willumstad, 58, president and operating chief, effective Oct. 1. Weill had planned to stay on as CEO through year-end.
On Thursday, Citi shares rose a quarter to $47.25.