Management Turnover as Change Agent

Tuesday, April 21, 2009

Recommended Reading - Vikram Pandit to Get The Heave-Ho?, Dealbreaker

Dealbreaker early today, prior to Citi’s shareholder meeting, talked about speculation that Vikram Pandit, Citgroup’s CEO, could be forced out should the bank have to go back to the government trough for further funds. According to a story in the Financial Times referred to in the Dealbreaker piece,

… senior officials at the FDIC have been talking Pandito replacements, in the event the bank needs more cash-money. Apparently successors include new CFO Ned Kelly, old CFO Gary Crittenden, and an unnamed new board member.

I suspect Pandit will be around at Citi for a while. Unlike Lewis at the Bank of America, Pandit while not demonstrating extraordinary leadership talent has not made the kind of blunders Lewis has been saddled with. Time will tell.

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