We aspire to be the business school of choice for current and aspiring leaders who act in accordance with ethical principles and who are informed by in-depth knowledge of business-related disciplines. We strive to create new and relevant knowledge and value for industry and society through our involvement in the local community by taking a global perspective and by using an interdisciplinary approach.
Our vision has been empowered by a generous gift from Mr. Robert B. Willumstad ’05 (Hon.). His story both fulfills and extends our mission—and inspires the best in business. Mr. Willumstad is Adelphi University’s Board of Trustees Chairman and co-founder of the private equity firm Brysam Global Partners, where he currently serves as a senior advisor. He is a former non-executive chairman and CEO of American International Group (AIG), and he helped shape some of the nation’s leading financial services companies, including Travelers Group and its successor, Citigroup.
Mr. Willumstad joined Commercial Credit in 1987, a Baltimore-based consumer finance company and predecessor to what we now know as the CitiFinancial business within Citigroup. Over the next 11 years, Mr. Willumstad helped build what became the Travelers Group into one of the nation’s leading financial services companies. In October 1998, Mr. Willumstad played a crucial role in creating Citigroup, a history-making combination of the former Travelers Group and Citicorp. The merger for the first time joined corporate, investment, and retail banking with insurance in one global company.
From 2000 to 2003, Mr. Willumstad was the chairman and CEO of Citigroup’s Global Consumer Group, and under his leadership, revenue increased from $28 billion to $41 billion, while net income grew 23 percent per annum. Named president of Citigroup, Inc., in 2002, then the world’s largest financial services company, Mr. Willumstad became chief operating officer a year later. He simultaneously served as CEO and president of Citibank North America. He held these multiple titles until 2005, when he chose to retire from the firm. Prior to this, he spent 20 years with Chemical Bank in various positions, including as president of Chemical Technologies Corporation. Mr. Willumstad also served in the Marine Corps Reserve for five years.
Respected for his business successes as well as for his public service efforts, Mr. Willumstad was presented with the Frederick Douglass Award by the New York City Urban League in 2002 for his pioneering work in advocating corporate diversity programs. His championing of volunteerism led Citigroup to offer its employees an annual Volunteer Day during which they can volunteer with the nonprofit or civic organization of their choice. He also previously served on the Board and volunteered for Habitat for Humanity International (HFHI), participated in a number of builds, and in 2004, hosted 21 volunteers from Citigroup for the HFHI-sponsored Jimmy Carter Work Project build in Puebla, Mexico.
Mr. Willumstad was elected to the Adelphi University Board of Trustees in 2005. He is also a director of S.C. Johnson & Son, Inc.
Mr. Willumstad was born in Brooklyn, grew up on Long Island, attended Adelphi University, and now resides in New York City.
Robert B. Willumstad School of Business
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