Management Turnover as Change Agent

Friday, October 12, 2007

CEO Watch - Prince, CitiGroup Update

Chuck Prince responded yesterday to the furor surrounding his management of Citigroup. The bank announced a major reorganization along with key management changes. The question is whether the changes are enough to quell outside calls for his his head. According to a piece by Landon Thomas, Jr. and Eric Dash in today's New York Times,
Citigroup announced that it would combine its investment banking and alternative investment units, bringing the groups together under one leader. Vikram S. Pandit, a former Morgan Stanley executive who runs Citigroup’s alternative investment division, will lead the new group, to be called the institutional client group.
For full details on the changes see Citigroup's press release.

Prince remains under pressure and stays on our CEO Watch List.

For more see:

Financial News
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Bloomberg Update
Times Online UK
Seeking Alpha
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1 comment:

Unknown said...

While the experience of Citi's Board seems quite impressive http://www.newsvisual.com/newsvisual/2007/10/management-expe.html (here's a map of their BOD), the reality is they need some shakeups at Citi, and soon. I don't necessarily think breaking the company up is the answer, micro-managing seems to be the biggest problem to me.

October 12, 2007 at 6:35 PM

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