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Citigroup Announces Departure of Michael Carpenter


March 16, 2006, New York – Citigroup announced today that Michael Carpenter, 58, Chairman and Chief Executive Officer of Citigroup Alternative Investments (CAI), will be leaving the company to pursue opportunities to create an entrepreneurial venture. Mr. Carpenter expects to be available to assure an orderly transition between now and May 1, 2006.

“After 11 years of playing a key role at Citigroup and its predecessor, Travelers Corp., across a number of businesses, Mike Carpenter has concluded this is the right time to satisfy his longtime interest in building an entrepreneurial venture,” said Charles Prince, Citigroup’s Chief Executive Officer. “Throughout his time at the company, Mike has brought great vision and leadership to his various roles and has always delivered superior results. We wish him continued success as he embarks on an exciting new voyage in a career already distinguished by numerous accomplishments.”

Mr. Carpenter said, “The decision to leave Citigroup was very difficult for me. The past 11 years have been a very important part of my life. It has been professionally and personally rewarding and challenging to be part of building the world’s leading financial services firm. I am particularly proud of the outstanding team that has come together around our vision for Citigroup Alternative Investments and I will do everything I can to foster a smooth transition to further its continued success.”

Mr. Carpenter added that his decision to leave was prompted, in part, by a desire to avoid potential conflicts of interest as he finalizes plans to build an entrepreneurial venture, which likely will be in the alternative investment industry.

Lew Kaden, Citigroup’s Chief Administrative Officer, will oversee CAI on an interim basis while a search for Mr. Carpenter’s successor is underway. CAI’s Policy Committee, whose members are Mr. Kaden, Mr. Prince, Robert Rubin, Citigroup Director, and William Comfort, Chairman, Citigroup Venture Capital, LTD., will continue to provide guidance on strategic matters.

During his 11 years with the company, Mr. Carpenter has served as CEO of Travelers Life and Annuity, Salomon Smith Barney, Citigroup Corporate and Investment Bank and, most recently, at Citigroup Alternative Investments.

After joining Travelers in 1995, Mr. Carpenter led the transition of Travelers Life and Annuity from a turnaround to a resumption of growth, resulting in one of the most profitable and rapidly growing life insurance companies. During the same period, he led the strategic planning process for Travelers, which resulted eventually in the merger with Citicorp to form Citigroup. He also led the initial integration process for the combined companies.

Shortly after the close of the merger, Mr. Carpenter became CEO of Salomon Smith Barney, where he oversaw the integration of Citibank’s corporate business, Salomon Smith Barney, Nikko and Schroders to create the world’s leading global corporate and investment bank.

In 2002, Mr. Carpenter assumed leadership of CAI, growing that business from a small operation into a uniquely positioned, leading alternative investment business that manages almost $40 billion across a broad array of investment strategies around the world in private equity, hedge funds, real estate, futures and credit structures.

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Citigroup, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at

Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup’s filings with the Securities and Exchange Commission.


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