Vikram Pandit resigned as Citigroup's CEO on October 16 after a five-year run. Here's a look at his stint.
Vikram Pandit resigned as Citigroup's CEO on October 16 after a five-year run. Here's a look at his stint.
July 9, 2007: Pandit joins Citigroup
Pandit joins Citigroup as CEO of Citi Alternative Investments after the bank acquires his hedge fund, Old Lane Partners, a business he started with former Morgan Stanley colleagues John Havens and Guru Ramakrishnan. Citi paid $800 mn for the hedge fund and closed it the following summer.
Dec. 11, 2007: Takes over as CEO of Citigroup
Pandit is named chief executive officer of Citigroup, taking the helm as the company reels from billions of dollars in losses from a widening subprime mortgage crisis. He succeeds Charles Prince, who exited a month earlier.
Nov. 17, 2008: Announces job cuts
Pandit announces plans to cut 52,000 jobs in a sweeping move to restore the bank's financial health as it faced mounting losses during the financial crisis. The company received $45 billion in US government bailout money. Citi eventually paid that money back.
Feb. 11, 2009: $1 salary
Pandit pledges to take an annual salary of $1 until Citigroup returned to profitability. Earlier, the bank agreed to merge its Smith Barney brokerage with Morgan Stanley's wealth management business. In 2012, Citigroup took a $4.7 bn writedown after agreeing to a lower valuation of the business.
Jan. 21, 2011: Annual salary surges
Three days after the bank reports its first full-year profit since 2007, Pandit's annual salary skyrockets to $1.75 million following board approval. The company's main Citicorp unit earned $20 billion from continuing operations before taxes in 2010, just above 2009's $19.9 billion.
May 18, 2011: A fat retention package
Citigroup awards Pandit a $23.2 million retention package for meeting certain goals, making him one of the highest paid CEOs on Wall Street. The retention bonus comes on top of his base salary of $1.75 million.
April 17, 2012: Compensation package rejected
In an advisory vote, 55 per cent of Citigroup shareholders reject Pandit's 2011 compensation package totaling $15 million.
Oct. 16, 2012: The exit
Pandit steps down from his role at the helm of Citigroup, along with his long-time associate, chief operating officer John Havens. His resignation comes a day after the company reports third-quarter results that beat expectations. Michael Corbat, previously chief executive for Europe, Middle East and Africa, is named to succeed Pandit.
