Sanford Weill is set to receive the Carnegie Hall Medal of Excellence at a May gala.

The retired Citigroup chairman and chief executive is being honored for his longtime support of the organization. Weill is set to succeed violinist Isaac Stern as Carnegie Hall's president.

Weill "has achieved unparalleled accomplishments in the financial, education, and medical sectors, and has become one of Carnegie Hall's most cherished benefactors over his 24 years as chairman and his more than 30 years on the board," Ronald Perelman, Carnegie Hall's current chairman, said in a press release earlier this week. "His unwavering leadership and generosity continue to propel Carnegie Hall into the future of music as one of the premier performance venues in the world."

During his time as trustee and chairman, Weill oversaw numerous projects for the organization, including the $60 million Campaign for Carnegie Hall that was designed to restore the main auditorium and recital hall. Other projects included the completion of the $100 million Zankel Hall and the $230 million Studio Towers Renovation Project that led to new educational spaces and the refurbishment of backstage areas and offices.

Additionally, Weill and the organization's other trustees have helped expand Carnegie Hall's endowment from $4 million in 1991 to $320 million.

Weill and his wife, Joan, received the 2009 Carnegie Medal of Philanthropy in 2009.

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