Citigroup exec's surprise resignation throws company

Article Abstract:

Citigroup President Jamie Dimon's surprise resignation prompted analysts to question the company's ability to oversee the integration of various businesses. Citigroup was established when Citicorp and insurer Travelers Group, parent of investment house Salomon Smith Barney, merged. Dimon's managerial skills, especially his preference to cut costs, convinced analysts when the merger was unveiled in April 1998 that Citigroup can weather the big challenge of combining businesses. Two leading bank analysts downgraded the rating of Citigroup's stocks after Dimon quit the firm.

Comment:

Pres Jamie Dimon's surprise resignation prompted analysts to question co's ability to oversee integration of various businesses

Insurance, Insurance Carriers and Related Activities, Citigroup Inc.

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Cendant feud darkens

Article Abstract:

Cendant's in-house conflict magnified when CEO Henry Silverman reproached Chairman Walter Forbes on Jul. 23, 1998. Silverman's criticisms followed the day after 44 senior executives of Cendant petitioned the board to terminate Forbes. Silverman declared that the issue stemmed mainly due to the conflict between the entire management of Cendant and Forbes. Silverman added that the in-house feud destabilizes Cendant and that it is his responsibility to secure operations. The company is currently being investigated by federal prosecutors for accounting fraud.

Comment:

Its in-house conflict magnifies when CEO Henry Silverman reproaches Chairman Walter Forbes on 7/23/98

Advertising Agencies

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Cendant executives ask board to fire CEO

Article Abstract:

Cendant was asked by 44 of its senior executives to fire Walter Forbes, chairman of CUC International, in relation to the investigation of CUC for accounting fraud. CUC is the franchising and marketing group of Cendant. Forbes said he will not step down because he had no knowledge of the fraud. Recently, Cendant said had recorded at least $300 million in bogus revenue over three years. The senior executives who signed the letter worked for Forbes at CUC. They said it is apparent for them that Forbes should have known about the irregularities.

Comment:

Is asked by 44 of its senior execs to fire Walter Forbes, chmn of CUC Intnl, in relation to probe of CUC for accounting fraud

Other Direct Selling Establishments, Parent-to-subsidiary activities, Direct Sales Organizations

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