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Citi CEO Pandit's Road to the Top
October 16, 2012
[ by Melanie Gretchen ]
Former Citigroup CEO Vikram Pandit has left quite an impression. Besides restoring the bank to profitability – not a small task, out of the financial crisis – Mr. Pandit has left a storied history.
Here are some highlights:
- The Midas touch: Mr. Pandit attended Columbia University, after a childhood in India. At his birth, an astrologer told his family that "whatever this boy touches will turn to gold."
- Quick rise up the corporate ladder: first at Morgan Stanley, then at Old Lane, his investment firm, which was bought by Citigroup.
- Rise to the challenge: Upon assuming the helm at Citi, Mr. Pandit said that he would take a token $1 annual salary until the firm began earning profit
- After a $45 million bailout, and the shedding of nonessential business like Smith Barney, Mr. Pandit had results: (i) the bank reached profitability 2 years ago; (ii) by the end of 2010 the government had cashed out its remaining investment in the firm, earning a $12 billion profit for taxpayers
- At the end of 2012's third quarter, Citi posted stronger-than-expected results, to earn $3.27 billion, or $1.06 a share.
Upon his departure, the former leader said in a statement: "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. I could not be leaving the company in better hands."
For further details, go to [Dealbook, 10/16/12] and [NY Mag, 3/1/09].
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