What to Read Next

Vikram Pandit

Natalia George
Yahoo! India News
26 November 2012


In a shocking move, Citigroup Inc chief executive Vikram Pandit resigned on October 16, just a day after the bank posted strong quarterly results.

Board chairman Michael O'Neill criticized the Nagpur-born Pandit for being too detached from the bank's day-to-day operations; even as many felt that the 55-year-old was too ‘cerebral’ to lead the giant consumer bank. Pandit holds two electrical engineering degrees and a doctorate in finance from Columbia University.

Pandit was also slammed by critics for the bank's failure to win regulatory approval to buy back shares or boost its dividend in March.

The former hedge-fund manager left after nearly five years at the helm, most of which were during the challenging global financial crisis. Pandit responded fast, declaring to the board, “My salary should be $1 per year with no bonus until we return to profitability."

But after two years, in January 2011, his annual base was raised to $1.75 million. In May that year, Citi announced $23.2m retention award to Pandit making him one of the highest paid CEOs.

According to media reports, the pay issue was thought to still be a source of friction internally.

Yet, many are not surprised by Pandit’s exit – even claiming he had been thinking about early retirement for some time. "It was never my ambition that this would be the last thing I do in my life," a Reuters report quoted Pandit as saying.

However, in November, Citigroup said it will pay $15.5 million to Pandit, following his resignation. Michael Corbat, head of Europe, Middle East, and Africa at Citigroup, replaced Vikram Pandit as Citi’s CEO.

Insane Navy Seal Flashlight, should it be banned?

The Military has recently released technology that is now available to the public. Get yours before they run out - Limited Supply!

10 Cards for People Who Have Great Credit

What card offers up to 5% cash back? And which one offers 24/7 concierge service? See the best credit cards of 2016. Apply online, quickly & easily.

Kid sleep troubles email series for moms

We get it. We’ve been there. Sign up for our email track to learn how to handle kids who won’t go to sleep or won’t stay in bed.

Attn Home Owners Who Never Miss a Payment.

Home Owners who have not missed a payment in 3 years or more need to read this. If you owe less than $625,000 on your home there is a solution.

Hurry, Don't Be Late For This Very Important Deal!

Get 4 Disney Movies For $1 With Membership. See Details. Exclusive Titles, Merchandise, Offers & Discounts. Plus, Free Shipping On Your Initial Order!

Starwood Credit Card

Earn 25,000 Bonus Starpoints®! Use toward Award Nights or Flights.

Military Mortgage Rates In 2016

Rates as Low as 2.75% (3.028% APR) 15 Year Fixed. Exclusive For Veteran & Military - Takes 1 Min!

The New Fuel Behind Oil's Death Spiral

A stunning breakthrough in chemical engineering has unleashed a massive supply of fuel that could hand the United States 100% energy independence.

Medicare Supplement Plans For Those Aged 65 And Up

New rates for Medicare supplement plans have arrived. Click here for a free price quote and learn how to improve your current coverage plan.

File for nada, zilch, zip.

Prepare, print and e-file your simple federal returns for free.

Personal Loan Rates as low as 5.99% APR

$25,000 for $742/mo. 3 yr repayment, $0 down payment. No obligation quotes. Get up to 5 offers in minutes. Quotes are free! Start loan request now.

How Older Men Tighten Their Skin

Men, reduce the look of wrinkles, sagging skin and fine lines with this affordable and effective skin tightening treatment without leaving your home.

Men: Tighter Looking Skin In One Easy Step

How older men tighten their skin and reduce the look of wrinkles without cosmetic procedures.

Your second chance to enroll in Medicare is now!

If you didn't get Medicare when you turned 65, now's your chance!