Jeffrey B. Lane, a Travelers Group vice chairman and long- standing lieutenant of chief executive officer Sanford I. Weill, is resigning to join Neuberger & Berman LLC, a New York mutual fund company.
Mr. Lane, 56, will join the $60 billion-asset management firm July 21 as a principal, chief administrative officer, and member of the executive committee, said a Neuberger spokesman.
A Travelers spokeswoman denied that Mr. Lane's resignation stemmed from any reduction of responsibilities resulting from the plan to merge Travelers and Citicorp. "He would have had mostly the same areas of responsibility," including investor relations, she said, "and a much larger staff."
The $70 billion deal is expected to close by Aug. 1.
Mr. Lane had worked with Mr. Weill since 1969, when he joined CBWL- Hayden Stone, where Mr. Weill was a senior partner.