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Citi decides on new chief

GLOBAL - Vikram Pandit, head of institutional clients at America's largest bank Citigroup, has been named as the group's new chief executive, in a bid to restore the company's profitability and reputation.

Pandit will replace Charles Prince, the chairman and CEO whom Citi retired in November following billions of dollars worth of losses directly-linked to the US sub-prime crisis.

Former Schorder chairman Sir Win Bischoff, who has been Citi's acting CEO, will become the new chairman, replacing Robert Rubin, who will return to his previous duties as a member of the Citigroup board of directors and chairman of the executive committee of the board.

The board had tasked a committee, headed by Rubin, to find a new CEO and according to a statement released today, the committee unanimously voted for Pandit.

"I am honoured to become Citi's leader to drive the changes we need," said Pandit.

He added: "Simplifying the company's organisational structure and aligning our businesses and resources with appropriate goals and economic realities will be among our initial priorities."

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

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