Vikram Pandit, a Nagpur-born NRI and a Citigroup neophyte who wowed Wall Street before intense flames began licking the financial world, was on Tuesday named CEO of the world's largest bank in what many see as a rescue mission.
Pandit, whose elevation had been in the air for several days, replaces the charismatic Charles O.
On Tuesday, the Citigroup board led by its chairman, former Treasury Secretary Robert Rubin fulfilled Wall Street expectation by picking Pandit as CEO, while naming Win Bischoff, who was functioning as interim CEO after Prince left, as chairman. Rubin, also a stand-in, returns to his previous duties as Citi director and chairman of the executive committee of the board.
Pandit, who is 50, is the first person of Indian origin to scale such stratospheric heights in the financial world, which has many well-regarded Indian executives. Citigroup has operations in more than 100 countries, with 300,000 employees and $ 2 trillion in assets
If anything, Pandit edged out another Indian, Ajay Banga, who runs Citigroup's international-consumer group, for the plum job or the poisoned chalice, depending on one view. Others in the running included former Citigroup President Robert Willumstad and Michael Neal, who runs General Electric Co.'s (GE) commercial-finance business.
Vikram Shankar Pandit, the son of a pharma representative and businessman, came to the United States when he was only 16 for undergraduate studies at Columbia University, home to several prominent Indian academics including the economist Jagdish Bhagwati$, and alma mater of Dr B R Ambedkar.
He earned a bachelor's degree and a master's degree in electrical engineering before switching to finance and earning a Ph.D Mentors cited in a recent profile described him as a relentlessly hardworking student, the kind who relished challenges.
Pandit is seen as a cautious, conservative banker.
Many experts say the new CEO will need not just punditry but also some wizardry to extricate the bank from the mess.
n a statement following his elevation, Pandit said he would "undertake an objective and dispassionate review of all the businesses, individually and in aggregate, to make sure we are properly positioned for the future."
He also promised simplify the company's organizational structure, align businesses and resources with appropriate goals, with economic realities being among our initial priorities, a sure sign that there will be some soul-searching and cleansing.
Courtesy: timesofindia.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment