Vikram Pandit came in as the Citigroup CEO back in 2007. Remember that there was a ton of stuff going on the financial world in 2007. It blew up. I have no idea whether or not Vikram Pandit was a good or bad CEO. All I know is that Citigroup is a huge company. I think it would be hard for any one person to get their arms around this company.
Vikram Pandit, who was named chief executive of Citigroup Inc. C +1.61% on the eve of the financial crisis and led the bank through a bruising five-year stretch that included a $45 billion federal rescue, abruptly stepped down Tuesday.
Mr. Pandit, 55 years old, departed following a clash with the board over strategy and performance, according to senior bank executives and advisers. Citigroup, the nation’s third-largest bank by assets, named Citigroup veteran Michael Corbat, 52, as Mr. Pandit’s successor.
Mr. Pandit’s resignation came after a series of missteps this year left some directors feeling that the company wasn’t being managed effectively and that the board wasn’t kept adequately informed, according to the people. Citigroup shares dropped 89% over Mr. Pandit’s tenure, and the company was hit this year by a shareholder revolt over executive pay, by the Federal Reserve’s rejection of its plan to buy back stock and by a $2.9 billion write-down of a brokerage joint venture with Morgan Stanley