Fortune dubs Citi king Pandit’s predecessor Prince ‘dumb’ VI
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The circumstances that made India-born Vikram Pandit CEO of the world's largest bank, Citigroup, have made his predecessor Charles Prince's resignation the sixth dumbest business moment for 2007. In a list of 101 Dumbest Moments in Business, American business magazine Fortune ranked the former Citi CEO's exit after the company disclosed a $11 billion writedown due to the subprime crisis at sixth position.
In a separate list of Bosses Behaving Badly, culled out from the main rankings, Chuck — Prince's nickname — has been placed fifth. Fortune said it was one of the "mind-boggling mishaps that took place in the executive suite".
Citigroup announced on November 4 that Prince was resigning as its chairman and CEO, which was followed by the appointment of an interim CEO and an interim chairman and the formation of a search committee for permanent candidates to fill these positions. A month later, the company named Nagpur-born Pandit its new CEO. Pandit joined the bank just about seven months back when Citigroup acquired his hedge fund Old Lane and named him the head of its investment banking business. But Pandit's experience as head of institutional securities business at investment banking giant Morgan Stanley worked in his favour.
Prince is said to have been instrumental in the acquisition of Old Lane and bringing Pandit on board Citigroup.
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