The Board of Directors of Citi today announced that it has appointed Vikram Pandit as the company's new Chief Executive Officer and member of the Board of Directors, effective immediately.
Sir Win Bischoff, who has been acting Chief Executive Officer since November 4, 2007, will succeed Chairman Robert E. 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.
Mr. Pandit was most recently Chairman and Chief Executive Officer of the Institutional Clients Group, which comprises Citi Markets & Banking and Citi Alternative Investments. Previously, he was a founding member and chairman of Old Lane, LP, a multi-strategy hedge fund and private equity fund manager acquired by Citi in 2007. Prior to founding Old Lane, Mr. Pandit held a number of senior positions at Morgan Stanley over more than two decades, including President and Chief Operating Officer of Morgan Stanley's Institutional Securities Group, which included Morgan Stanley's investment banking, fixed income and capital markets businesses.
Sir Win has had a distinguished and successful career in financial services, serving as Chairman of Schroders plc before joining Citi in 2000, with the acquisition of Schroders' investment banking business by a Citi predecessor company. Most recently, he has chaired Citi's growing businesses in Europe, the Middle East and Africa.