According to the NY Times Vikram Pandit’s last day at
Citigroup swung from celebratory to devastating in a matter of minutes. Having
fielded congratulatory e-mails about the earnings report in the morning that
suggested the bank was finally on more solid ground, Mr. Pandit strode into the
office of the chairman at day’s end on Oct. 15 for what he considered just
another of their frequent meetings on his calendar.
Instead, Mr. Pandit, the chief exec of Citigroup, was told
three news releases were ready. One stated that Mr. Pandit had resigned, effective
immediately. Another that he would resign, effective at the end of the year.
The third release stated Mr. Pandit had been fired without cause. The choice
was his.
The abrupt encounter, described by three people briefed on
the conversation, included a terse comment by the chairman, Michael E. O’Neill:
“The board has lost confidence in you.” A stunned Mr. Pandit chose to resign
immediately. Even though Mr. Pandit and the board have publicly characterized
his exit as his decision…..
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