Travelers' Weill Elected to AT&T Board

AT&T has announced the election of Sanford I. Weill to its board of directors. Weill is chairman of the board and CEO of Travelers Group.

"Sandy brings a wealth of financial savvy and entrepreneurial experience to the AT&T Board," says AT&T Chairman, C. Michael Armstrong. "We're very pleased he is joining us."

Weill built Travelers Group through a series of mergers and acquisitions beginning with the successful 1986 public offering of Commercial Credit Company, then a subsidiary of Control Data Corporation. In 1988, Commercial Credit, under Chairman Weill's direction, acquired Primerica Corp. and adopted its name until 1993, when it acquired The Travelers Corporation and adopted the present corporate name. Weill will be co-chief executive officer of Citigroup, the new company to be created from the merger of Travelers and Citicorp expected sometime in the third quarter of this year.

Prior to his affiliation with Travelers, Weill was president of American Express Company and chairman and CEO of its Fireman's Fund Insurance Company subsidiary. He joined American Express in 1981 when the company acquired Shearson Loeb Rhoades, whose origins date back to a firm that Weill and three partners founded in 1960—Carter, Berlind, Potoma & Weill. Under Weill's leadership as chairman, from 1965 to 1984, the company completed over 15 acquisitions to become the second largest securities firm in the country.

Weill, 65, is chairman of the board of trustees of Carnegie Hall and serves on the boards of New York and Presbyterian Hospital, Memorial Sloan-Kettering Cancer Center and the Baltimore Symphony Orchestra. Active in education, he is chairman of the board of overseers for Cornell University's Joan and Sanford I. Weill Medical College and Graduate School of Medical Sciences and founder and chairman of the National Academy Foundation. He is a member of The Business Council and The Business Roundtable.

The election of Mr. Weill increases AT&T's board to 12 members.