Well, at least the position is filled, Pandit is a good man and Rubin is out.
Citi (C) his afternoon named Vikram Pandit as chief executive officer, ending the bank’s month-long scramble to find a new leader after former CEO Charles Prince stepped down in November.
Citigroup then named Sir Win Bischoff, currently the acting CEO as chairman, replacing Robert Rubin who stepped into the job when Prince, who also served as chairman, resigned.
If nothing else, finally having the CEO and Chairman position separate is a very good thing. Now Citi has a European Chairman and and Indian CEO, both of whom has extensive international experience.
This is going to be the key for Citi as it continues it’s push into international markets. Vikrim does have the Prince comparison going for him. Other than being an abject failure, Pandit just has to prove to be competent to be an upgrades at CEO.
Who know, he may even end up being great….. wait and see
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