Magazine article American Banker


Magazine article American Banker


Article excerpt

Back to School?

John Reed's longstanding ties to the Massachusetts Institute of Technology's Sloan School of Management may get tighter.

Mr. Reed, formerly a co-chairman and chief executive of Citigroup Inc. and current interim chairman of the New York Stock Exchange, is reportedly being considered to take over the presidency of the 142-year-old institution.

Mr. Reed has been an active Sloan alumnus, including service as a leader-in-residence in February 2002.

Charles M. Vest, who has been MIT's president since 1990, announced in December that he would step down in the fall -- or "as soon as a successor is appointed," the institute said.

MIT spokesman Arthur Jones said it is too early to speculate about who may get the job. The institute, in Cambridge, hopes to have a shortlist by June, he said, but he was coy about w hether Mr. Reed would be on it.

"Does John Reed have a connection to this institution?" Mr. Jones asked. "Absolutely, but so do a lot of people."

Taking to the Ice

Jeffrey Vanderbeek will soon trade stocks and bonds for pucks and sticks.

The Lehman Brothers executive will take over in June as the chairman and principal owner of the National Hockey League's New Jersey Devils.

Mr. Vanderbeek, who has been a minority owner of the Devils since 2000, is becoming a "major investor and will take a more active role" in the team, the team said in a press release issued Tuesday.

Mr. Vanderbeek, who joined Lehman in 1984, is a member of the investment bank's office of the chairman and executive committee. He has served in several senior positions, including as the managing director and chief operating officer of fixed-income central funding, the chief operating officer of fixed-income derivatives, and the head of capital markets. His last day is June 15.

"Jeff has made a tremendous contribution to Lehman Brothers during his two decades at the firm," chairman and chief executive Richard S. …

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