In a surprising behavior, citigroup (C) announced this morning, the company CEO PanWeiDi (Vikram Pandit) and COO John black Vince resign effective immediately. To leave, only after a day, big bank report is often regarded as a strong quarter, sending shares 5% higher on Monday. PanWeiDi also resigned as citigroup's board of directors.
The departure marks a controversial and often troubled the end of his term. PanWeiDi first came to the Citigroup (Citigroup) in July, 2007 his hedge fund Old Lane partner LP, bought $800 million. PanDi, according to the report, part of his company earn enough $16.5 billion. December 2007 appointed CEO, PanDi characteristic lead citigroup through the worst since the great depression of the financial crisis. He the corner since taking office, the poor performance of the industry, the company's share price has fallen about 90%.
Surrounding suddenly quit is dark, the best. PanWeiDi away from beloved industry or investors, but he hardly see someone who work will do. In his 50 s, PanWeiDi don't think that is a dinosaur, if this is planned start, this is a completely incompetent succession to carry out the board of directors. If PanWeiDi performance problem has been exposed in yesterday's quarterly report. (please refer to the relevant: citigroup puffery core business development momentum otherwise puzzling season)
This makes what is the real story may be hype. Most often repeat guess is that, PanWeiDi and HaiWenSi compensation legacy. PanWeiDi be income a $1 salary for many years, through a shrewd pr behavior way and some similar to "give back" to the shareholders, the closure of citigroup old lane less than a year later PanWeiDi payment of the better part of for 100 million dollars for attitude it.
PanWeiDi after leading the citigroup by 2012 more than 35% of income to pay for demand? He still installation and operation of the large-scale bank volcker rules if headache sleepy? This is just a terrible bad succession planning, in this case, the citigroup board of directors have some serious problem, answer?
No one knows, but, but the real story will appear, most likely in the next few days. Sure is, is called wake lamb, PanDi, had from citigroup, wipe away from web site has been. A man named Michael Corbat is citigroup's new CEO. Corbat new boss first job is Wall Street's explanation, what on earth, there was a old guy.
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