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Tue Oct 16, 2012, 10:04 AM

Citigroup CEO Vikram Pandit Resigns .

Source: Wall Street Journal

Citigroup Inc. Chief Executive Vikram Pandit is stepping down, effective immediately, and will be succeeded by Michael Corbat.

...snip...

Mr. Pandit became CEO at Citigroup in December 2007 and spent the earlier part of his career at Morgan Stanley .

...snip...

Mr. Pandit is resigning as a board member as well.

President and Chief Operating Officer John P. Havens also resigned.


Read more: http://online.wsj.com/article/SB10000872396390443854204578060280201488530.html

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Response to brooklynite (Original post)

Tue Oct 16, 2012, 10:13 AM

1. Hmm makes you wonder, doesn't it?

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Response to nadinbrzezinski (Reply #1)

Tue Oct 16, 2012, 10:30 AM

2. Maybe not.

On Monday, Citigroup reported its third-quarter profit fell 88% to $468 million as the bank took charges tied to the value of its debt and the sale of a stake in its brokerage joint-venture. Core revenue in its main businesses continued to improve.

http://online.wsj.com/article/SB10000872396390443854204578060280201488530.html

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Response to JDPriestly (Reply #2)

Tue Oct 16, 2012, 10:46 AM

3. I was thinking feds geting involved



Not profits or lack of them... anytime an officer resigns this suddenly FBI and other agencies come to mind.

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Response to nadinbrzezinski (Reply #3)

Tue Oct 16, 2012, 10:48 AM

4. I doubt it. He's been feeling the pain for some time now.

I worked for Citigroup when he came on board. He's a nice enough guy, just not the right CEO for the job. I'm surprised he lasted this long, actually.

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Response to randome (Reply #4)

Tue Oct 16, 2012, 10:56 AM

5. Yep. I don't see that some special explanation is required.

Though it's not out of the question.

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Response to JDPriestly (Reply #2)

Tue Oct 16, 2012, 05:49 PM

15. Plus:Citi's shares remain down about 90% since Pandit took over in late 2007.

and he lost shareholder confidence which resulted in rejection of a pay increase for him:
"shareholders voted to reject a package that would have paid Pandit $15 million."

so says Fortune:
http://finance.fortune.cnn.com/2012/10/16/vikram-pandit-resigns-housing/

Overall, Citi is not performing well, comparted to the other big banks.
( I am shedding crocodile tears over this )

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Response to brooklynite (Original post)

Tue Oct 16, 2012, 11:42 AM

7. Citigroup CEO Vikram Pandit quits, stunning Wall Street

NEW YORK -- Vikram Pandit resigned as Citigroup Inc.'s chief executive Tuesday, in a surprise to Wall Street that comes a day after the country's third-largest bank announced stronger-than-expected earnings.

John Havens, Citi's president and chief operating officer, also stepped down Tuesday. The swiftness of the high-level departures fueled speculation about why the executives quit.

Citi's board of directors announced that Michael Corbat has replaced Pandit as CEO and would join the board (Pandit also resigned his board post). Corbat had been Citi's CEO of Europe, the Middle East and Africa.

"Given the progress we have made in the last few years, I have concluded that now is the right time for someone else to take the helm at Citigroup," Pandit said in a statement. "I could not be leaving the company in better hands."

http://www.latimes.com/business/money/la-fi-mo-pandit-quits-as-citigroup-ceo-20121016,0,1070379.story

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Response to bemildred (Reply #7)

Tue Oct 16, 2012, 11:49 AM

8. his explanation is BS, does not compute: if he's made so much "progress," why is it time for some-

one else to "take the helm?"

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Response to wordpix (Reply #8)

Tue Oct 16, 2012, 12:12 PM

11. Just goes to show there is NO difference between politics and private enterprise.

That's the standard farewell phrase to use. It's almost expected, kind of like, 'wanting to spend more time with my family'.

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Response to bemildred (Reply #7)

Tue Oct 16, 2012, 05:45 PM

14. Wonder what his parachute is worth.

Salary, bonuses, stock options for the year, etc.

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Response to brooklynite (Original post)

Tue Oct 16, 2012, 12:04 PM

9. Family time? Bath salts? What is it? nt

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Response to valerief (Reply #9)

Tue Oct 16, 2012, 12:08 PM

10. Once you've accumulated more money than you'll ever need

...may as well quit the job & start spending it ...

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Response to Myrina (Reply #10)

Tue Oct 16, 2012, 12:19 PM

12. But these people NEVER have enough money. That's why they're such assholes to labor. nt

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Response to valerief (Reply #12)

Tue Oct 16, 2012, 04:38 PM

13. Money is just a means to an End.

It's Power they crave, and Money makes things happen. There is never enough Power. It's a Drug, more addicting than Heroin.

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Response to valerief (Reply #12)

Tue Oct 16, 2012, 08:25 PM

16. ... some people wake up & smell the coffee ... Wendell Potter (CIGNA), for example ...

n/t

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