The Hindu : Business : Vikram Pandit is new CEO of Citigroup

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Thursday, Dec 13, 2007
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Vikram Pandit is new CEO of Citigroup

Vikram Pandit

WASHINGTON: India-born Vikram Pandit has been appointed Chief Executive Officer of Citigroup, the world’s largest financial services organisation, with immediate effect.

The appointment of the 50-year-old Mr. Pandit, who has also been made a member of the board of directors, ended weeks of high-level search for a new person to lead the New York-based banking giant after former CEO, Charles Prince, stepped down on November 4, following huge investment losses for Citigroup.

Acting CEO, Sir Win Bischoff, will succeed former U.S. Treasury Secretary, Robert E. Rubin, as company Chairman. Mr. Rubin, who is considered close to Mr. Pandit and who strongly supported his candidature to the CEO’s post, will continue to serve the group as Chairman of the Executive Committee of the Board.

“Mr. Pandit has earned a reputation as one of the most respected leaders in the financial services industry.

The combination of his deep executive experience and long history as a strategic thinker makes him the outstanding choice to be Citi’s CEO,” Mr. Rubin said.

“The board is unanimous in its conviction that as part of a new generation of executives in this industry, Mr. Pandit is the right leader to build on the exceptional strengths of this great company and take the steps necessary to lead us forward,” Mr. Rubin said in a statement. Mr. Pandit, who was Citigroup’s investment banking head before his new appointment, also briefly headed a hedge fund called Old Lane earlier this year. — PTI

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