81 Tests, 2019 Articles
and counting ...

Investment Gone Wrong, Citi CEO Vikram Pandit Makes Way For Michael Corbat

PUBLISHED BY: SURENDER KUMAR
OCTOBER 25, 2012

   
  submit to reddit   Delicious   Digg   LinkedIn  

The much-storied Citigroup global CEO Vikram Pandit has stepped down a day after the company’s quarterly profit plunged on account of a $4.7 billion bad investment in a brokerage run by Morgan Stanley. Besides, John P. Havens, President and COO, has also stepped down.

 

 

 

India-born Pandit had taken charge as CEO in December 2007 and navigated Citigroup through tough times like the US sub-prime crisis. His rise to the Citigroup corner office was widely believed to be a living symbol of Indian CEOs' global success.

 

 

Michael Corbat, previously CEO for Europe, Middle East and Africa, will be the new global CEO. The board praised Mr. Pandit’s leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future.







ARCHIVES -- CURRENT AFFAIRS

Tell Us About gkmine.com

We Listen ...


Fortnightly Contest


... WIN Exciting Prizes ...

item-pointer Coming Soon ...

... Previous Winners ...