Citi's (C) New Board Could Include CEO Pandit's Replacement
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According to reports from the New York Post, Citigroup's (NYSE: C) CEO Vikram Pandit's job is looking a lot less secure after a move by the company to nominate four new independent director candidates.
The Post notes that all four of these candidates has banking experience and could easily replace Pandit. Also, the new board will likely be more active and will put more pressure on Pandit to perform.
The Post said the likeliest candidate to replace Pandit is 64-year-old Jerry A. Grundhofer. Rochdale Securities banking analyst Dick Bove said, "There's no question in my mind that they have Pandit's replacement sitting on the board in [Jerry] Grundhofer." Bove added, "He's demonstrated that he knows how to operate a bank. Pandit hasn't demonstrated that."
Link to New York Post Article
It should be noted that shares of Citigroup are up over 21% today. Maybe shareholders are cheering a possible Pandit replacement.
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