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What It Means to Be ‘Retired’ From Citi

The other night at his talk at the 92nd Street Y, we overheard Robert Rubin directing someone to call him at “the office” — meaning his office at Citigroup. That’s weird, we thought, since Rubin retired over two weeks ago, and a colleague told the Journal he was “tired of it” over there. But now that we know about the perks former Citigroup CEO Sandy Weill has enjoyed since stepping down in 2006, we get why Rubin is sticking around.

Weill’s package, which he is now giving up out of the goodness of his heart and for the love of the company, included:

• Around $3 million a year from the company in pension, consulting fees, and tax compensation
• An office in the General Motors building
• Full medical and dental coverage for himself and his wife
• Life insurance
• A company car and driver
• Use of the company’s private jets

And to think, if Rubin stayed at HQ, he could have all that and the power to dart over to Vikram’s office and give him noogies.


What It Means to Be ‘Retired’ From Citi