Lipp, 62, vice chairman of the company and a member of the three-man office of the chairman, and the long-time right-hand man of CEO Sanford Weill, always has shown a bent for do-good causes. Currently, he is president of the New York City Ballet and a trustee of Williams College.

Decades ago, when Lipp headed the consumer business of the former Chemical Bank, he took an active role in a program to help inner-city teenagers learn how to adapt to the world of big business. One of his conclusions at the time was that the students should be given appropriate clothing so they wouldn't have to feel uneasy about themselves in a business environment.

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