1963

Citicorp's stock fell to a six-month low in October following the surprising announcement that Rick Braddock, its president and second-ranking officer, had resigned. While the stock drop was also influenced by lower-than-expected earnings projections, it seemed to be reflecting the high esteem Rick enjoyed in the investment community. "I am chagrinned to see him go," said J. Richard Frederick, a San Francisco bank analyst, to The New York Times. "He was a very good manager, and I think it is a loss to the company." Rick became president in January 1990, taking a job that had been vacant for six years, since shortly before John Reed became chairman. Rick spent 19 years with Citicorp. Before becoming president he was a vice president in Citicorp's New York Banking Group, and then chief of the bank's credit card business and European consumer operations. From 1985 until he became president he was in charge of all individual banking activity, a major Citicorp division. As president he concentrated mainly on cutting costs within the bank, which has shrunk its workforce.

The measure of success, something which Rick and most of us have been concerned with in one way or another, will be discussed in depth during a seminar at our 30th Reunion in Hanover, June 14—17, according to Chairman Bill Subin. In addition to seminars there will be a 2.6-mile mini-marathon, a joint outing with classes of '62 and '64, a dance, dinners, parties, and much much more. Bill Subin is interested in hearing your feedback on the "success" theme—what it means to you, Dartmouth's role, etc. Contact him at Subin and Isman, P.O. Box 313, Northfield, NJ 08225, (609) 645-7511, fax (609) 646-5917.

Marty Bowne of Chatham, N.J., will be handling registration, Bob Byssche of Granite Springs, N.Y., the treasury, and DaveSchaefer of Concord, Mass., the publicity. Other helpers include John Lehman, entertainment, Dave Boldt, awards, and RogerAdelman, discussions. The rest of the committee so far includes Bob Barnum, RichBerkowitz, Bill Breetz, Mike Cardozo,Dave Dawley, Pete DeForth, Dean Edson,Wally Eldridge, Elliot Gerson, GeneKersey, William H. King Jr, Pete Stern,Ernie Torres, and James Valentine.

A good friend of Bill Subin and Dave Schaefer, Bill Purcell, is knee-deep these days in defending Chevron Corp. from shareholder suits stemming from an FTC-blocked takeover bid for Cities Service in 1982. Seems Gulf Oil, now part of Chevron, offered $63 a share as a white knight before the FTC stepped in, and Occidental ended up making the acquisition at $55, leaving a lot of shareholders of Cities Service disappointed. The class-actions have been settled, but litigation from certain large shareholders is enough to occupy Bill and 14 other lawyers at New York's Lord Day & Lord Barrett Smith, a 200-lawyer firm.

171 Madison Avenue, Ste. 1107, New York, NY 10016