The board of directors of Citi has appointed Vikram Pandit as the company’s new CEO and member of the board of directors, effective immediately.
Sir Win Bischoff, who has been acting CEO since 4 November 2007, will succeed Chairman Robert E. Rubin, who will return to his previous duties as a member of the Citigroup board of directors and chairman of the executive committee of the board.
Pandit was most recently chairman and CEO of the Institutional Clients Group, which comprises Citi Markets & Banking and Citi Alternative Investments. Previously, he was a founding member and chairman of Old Lane, LP, a multi-strategy hedge fund and private equity fund manager acquired by Citi in 2007.
Prior to founding Old Lane, Pandit held a number of senior positions at Morgan Stanley over more than two decades, including president and COO of Morgan Stanley’s Institutional Securities Group, which included Morgan Stanley’s investment banking, fixed income and capital markets businesses.
Sir Win served as chairman of Schroders plc before joining Citi in 2000, with the acquisition of Schroders’ investment banking business by a Citi predecessor company. Most recently, he has chaired Citi’s growing businesses in Europe, the Middle East and Africa.
“The Board is unanimous in its conviction that, as part of a new generation of executives in this industry, Vikram is the right leader to build on the exceptional strengths of this great company and take the steps necessary to lead us forward,” says Rubin.
“As a respected member of our senior team, Win brings extensive international experience that will enhance our efforts around the world. Win is an excellent addition to our Board and will be a very effective Chairman,” he adds.
“I am honoured to become Citi’s leader to drive the changes we need. Citi is an extraordinary institution with tremendous talent, resources and capabilities and geographic and business scope. Our challenge is to capitalize on these strengths to deliver the high-quality service and products our clients require and to generate the superior returns our shareholders expect,” says Pandit.
“I am proud to be asked to serve as Chairman at this very important time in Citi’s history. We have a dedicated Board, and I look forward to working with them and our experienced management team to provide active and effective support toward increasing value and returns for all Citi shareholders,” adds Sir Win.