No smoke was seen wafting from Citigroup Center, instead Citigroup Inc. issued a press release announcing its new leadership. As expected, the firm named Vikram Pandit as CEO, but somewhat surprisingly named acting CEO Sir. Win Bischoff as chairman.
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Pandit succeeds Charles Prince, who stepped down last month after the bank announced massive write downs; and Bischoff succeeds Robert Rubin, the former Treasury Secretary who took on the position temporarily when Prince stepped down.
Former Morgan Stanley banker Pandit only joined Citi six months ago when it purchased his hedge fund Old Lane Partners LP. His lack of operational and commercial banking experience led to some speculation that the bank would select an outsider, but there were few outsiders interested in the job. However, the lack of experience likely explains why Bischoff was named chairman, rather than giving Pandit both titles.
Full coverage will come later in The Daily Deal and on TheDeal.com. — Matthew Wurtzel
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