Vikram Pandit Was Shown the Door Out of Citigroup: Sources

0
Vikram Pandit Was Shown the Door Out of Citigroup: Sources
By http://www.citigroup.com/ [Public domain], via Wikimedia Commons

Vikram Pandit just conducted his first interview since resigning from Citigroup, earlier today.  Pandit denied that there was any pressure from shareholders or colleagues to leave the company. No one knew exactly why Pandit had announced this shocking decision. However, FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that former Citigroup Inc. (NYSE:C) CEO Vikram Pandit was clearly “shown the door” and that “if you add up the missteps of Vikram Pandit since 2008, they are monumental,” which “added up” to the board “wanted him out.”

Vikram Pandit Was Shown the Door Out of Citigroup: Sources

Video and excerpts below:

As Hedge Funds Dive Into Private Equity, Tiger Global Leads The Way

Screenshot 2021 09 16 15.33.10Assets in private equity and venture capital strategies have seen significant growth in recent years. In comparison, assets in the hedge fund industry have experienced slowing growth rates. Q2 2021 hedge fund letters, conferences and more Over the six years to the end of 2020, hedge fund assets increased at a compound annual growth rate Read More


On the timing of Vikram Pandit’s resignation:

“I think it’s less of a resignation and more of a…Ouster. Fired. Clearly he was shown the door. The timing was odd because they did earnings yesterday. My guess is the guy that’s replacing him, Mr. Corbat, did not want lead the earning call and be asked a million questions about Vikram Pandit, so they did it this way. And I am getting that from a source pretty close to  Citigroup Inc. (NYSE:C).”

 

On whether the board forced Vikram Pandit to resign:

“I can tell you that the board. If you add up the missteps of Vikram Pandit since 2008, they are monumental…There’s a lot of missteps. From what I understand, it added up to finally they wanted him out. So this is less than a resignation…this is more, they essentially ousted him. They did not like the job he was doing. John Havens would leave with him because John Havens is he loyal number two and that makes tremendous sense.”

Updated on

No posts to display