DesiChap Posted December 11, 2007 Share Posted December 11, 2007 SAN FRANCISCO (MarketWatch) -- Citigroup (C: Citigroup, Inc C 35.00, +0.23, +0.7%) is expected to name Vikram Pandit chief executive officer, the Wall Street Journal reported Tuesday on its Web site, citing people familiar with the matter. The newspaper also said the financial firm is likely to appoint a separate chairman. http://www.marketwatch.com/news/story/citigroup-expected-name-vikram-pandit/story.aspx?guid=%7BA9441D06%2DC687%2D4C59%2DB6C1%2DE88121867EB6%7D&dist=hplatest Link to comment Share on other sites More sharing options...
kumble_rocks Posted December 11, 2007 Share Posted December 11, 2007 He was the favorite anyway. Kudos to him ! Link to comment Share on other sites More sharing options...
apocalypse Posted December 11, 2007 Share Posted December 11, 2007 Citi names Pandit CEO After weeks of searching for a new CEO, Citigroup confirmed speculation Tuesday, naming investment banking chief Vikram Pandit its new chief executive, with interim CEO Sir Win Bischoff taking over as chairman.The New York-based bank said Pandit would take over as CEO effective immediately. "The combination of his deep executive experience and long history as a strategic thinker makes the the outstanding choice to be Citi's CEO," Robert Rubin, Citigroup's acting chairman, said in a prepared statement. Citigroup added that Bischoff, who served as interim CEO following the departure of former chief Charles Prince in early November, would take over as chairman, having formerly served as the head of Citigroup's European unit. The company said Rubin, who served as the Treasury Secretary during the Clinton administration, would return to his previous role as a member of the company's board of directors. Pandit, 50, joined the firm in April following Citigroup's acquisition of Old Lane Partners - a hedge fund he co-founded - stepping in as the head of the company's alternative investments division. By mid-October, Pandit had taken on the responsibility of overseeing the company's investment banking and fixed income division following the departure of two key executives. Now just two months later, Pandit finds himself assuming the throne at Citigroup (Charts, Fortune 500), left vacant by Prince, who stepped down in the wake of revelations that the firm had lost billions of dollars on mortgage-backed securities. Before joining Citi, Pandit spent the better part of his career at Morgan Stanley (Charts, Fortune 500), where he served most recently as president and chief operating officer of institutional securities. Pandit was even mentioned as a candidate to one day run the company, but would become one of many executives who parted ways with the company in 2005 following the leadership crisis over then-CEO Phillip Purcell. While Pandit's experience at Morgan Stanley might prove quite adept at remedying what ails Citigroup, the challenges at the banking giant appear overwhelming even for a veteran CEO, let alone an untested exec such as Pandit. But Rubin stressed that Pandit remained the right man for to take the helm at the embattled banking giant. "Vikram is the right leader to build on the exceptional strengths of this great company and take the steps necessary to lead us forward," added Rubin. To date, Citi has reported subprime and trading losses totaling nearly $6 billion and is likely to take billions more in writedowns, especially if it moves its troubled structured investment vehicles onto its balance sheets. Pandit will have to confront eroding employee morale as the company eyes cutting staff and will have to address the future of the firm. In recent years, Citigroup's former chairman and chief executive Charles Prince was roundly criticized for not taking steps to break up the company from its supermarket of financial services business model. Pandit is a graduate of Columbia University who also obtained a PhD in finance at his alma mater. Congrats :two_thumbs_up: Link to comment Share on other sites More sharing options...
Lurker Posted December 11, 2007 Share Posted December 11, 2007 Met this guy while on a stint with JP Morgan Chase. He is really an impressive fellow. You can sit and listen and come out impressed. Smart lad, fully deserves it. Link to comment Share on other sites More sharing options...
Cricketics Posted December 11, 2007 Share Posted December 11, 2007 Didn't he deserve it...guy is exceptional well done.. Link to comment Share on other sites More sharing options...
Guest dada_rocks Posted December 11, 2007 Share Posted December 11, 2007 Shaukat Azeez got GPL iI guess he too was lobbying for this job Link to comment Share on other sites More sharing options...
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