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Vikram Pandit

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Vikram S. Pandit
Born (1957-01-14) January 14, 1957 (age 67)
Nagpur, Maharashtra, India
Alma materColumbia University
OccupationCEO of Citigroup
SpouseSwati Pandit
ChildrenMaya and Rahul

Vikram Pandit (िवक्रम पंिडत) (born on January 14, 1957) is the current CEO of Citigroup. [1]

Early life and background

Vikram Pandit was born in Nagpur, Maharashtra, India, to a moderately affluent Maharashtrian family. His mother tongue is Marathi.[2]. His father, S B Pandit, was an executive director at Sarabhai Chemicals in Baroda.[3]

He completed his schooling at the Dadar Parsee Youths Assembly High School in Dadar, Mumbai. He moved to the United States when he was sixteen years old to study at [Gannon University]]. He received a B.S. and M.S. in electrical engineering and an M.B.A in 1976, 1977, and 1980 respectively, and a Ph.D. in Finance from Columbia Business School in 1986.[4] He is a trustee at Columbia University.


Vikram Pandit was a professor at Indiana University Bloomington before joining Morgan Stanley. As head of Morgan Stanley's institutional securities division from 1994 to 2000, he pushed the company further into electronic trading and helped to build prime brokerage services that catered to hedge funds. He led the institutional securities from 2000 to 2005. The Indian government awarded him the Padma Bhushan in 2008.

He was the President and Chief Operating Officer of the Institutional Securities and Investment Banking Group at Morgan Stanley, where he was responsible for the overall management of the group and focused on the trading, sales, and infrastructure aspects of the business (2000–2005). Prior to that position, Pandit served as the managing director and head of the Worldwide Institutional Equities Division (1994–2000), and as the managing director and head of the US Equity Syndicate (1990–1994) for Morgan Stanley. In 2005, Pandit was fired from Morgan Stanley and started a hedge fund with other Morgan Stanley refugees[5] named Old Lane Partners. Citigroup subsequently purchased the poorly performing fund in 2007 for $800 million. Pandit received approximately $165.2 million for this transaction. Many analysts believe that this hefty price was paid for a hedge fund with only $4.5 billion under management to get Pandit onto Citigroup. He received an additional $2.7 million in the roughly six months he served as head of Citigroup's investment bank and alternative investments group. In January 2008, Pandit was given a sign-on grant of stock and performance-based options worth more than $48 million, though the options currently have no cash value.

Pandit serves on the boards of Columbia University, Columbia Business School, the Indiana School of Business and The Trinity School. He is a former board member of NASDAQ (2000–2003), the New York City Investment Fund.

On December 11, 2007, Pandit was named the new CEO of Citigroup, replacing interim-CEO Sir Winfried Bischoff, who became chairman of the board as well as remaining CEO of Citigroup Europe. Interim chairman Robert Rubin strongly supported Pandit[6], who is the effective successor to Chuck Prince. Prince resigned in November 2007 due to unexpectedly poor 3rd-quarter performance, mainly due to CDO- and MBS-related losses. While CEO of Citigroup in 2007, Vikram S. Pandit earned an annualized compensation of $3,164,320, which included a base salary of $250,000, stocks granted of $2,914,320, and options granted of $0.[7] In 2008, he earned a total compensation of $38,237,437, which included a base salary of $958,333, stocks granted of $28,830,000, and options granted of $8,432,911.[8]

2009

On February 11th, 2009, Pandit testified to Congress that he had declared to his board of directors - "my salary should be $1 per year with no bonus until we return to profitability,"[9] having received $10.82m in 2008.[10] He also struck an apologetic tone for letting the bank consider buying a private jet plane after receiving some $45 billion in bailout money. The bank ultimately scrapped the plan under pressure from U.S. President Barack Obama. While the White House is planning to help struggling homeowners, Citigroup along with JPMorgan Chase would halt new foreclosures on owner-occupied home loans through March 6. On April 24, 2009, the New York Post reported that the United States government would possibly ask for the removal of Pandit from his position as CEO of Citigroup.

Personal life

Pandit lives in an $18m apartment on the Upper West Side. Pandit is a pious Hindu and a devotee of Gajanan Maharaj. He is married to Swati, who is a native of Pune. [11].

References

  1. ^ "Shake up at Citigroup". International Herald Tribune. Retrieved 2007-12-11.
  2. ^ "Vikram has to put in lot of efforts, says dad". The Times of India. Retrieved 2007-12-12.
  3. ^ http://www.rediff.com/money/2007/dec/13pandit.htm
  4. ^ "Office of the Secretary of The University". Columbia University in The City of New York. Retrieved 2007-12-11.
  5. ^ "Can anyone run Citigroup?". Fortune. Retrieved 2009-03-03.
  6. ^ [1]
  7. ^ 2007 CEO Compensation for Vikram S. Pandit , Equilar.com
  8. ^ 2008 CEO Compensation for Vikram S. Pandit, Equilar.com
  9. ^ Tharp, Paul (2009-03-12), "CITI'S PANDIT VOWS TO TAKE $1 SALARY AND NO BONUS", New York Post, retrieved 2009-03-20
  10. ^ Farrell, Greg (2009-03-17), "Citigroup chief awarded $10.82m", Financial Times, New York, retrieved 2009-03-20
  11. ^ http://www.indiaenews.com/business/20071212/85881.htm
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