Sheila Bair Says Citigroup (C) Firing of Pandit is "Very Positive"
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On Bloomberg Surveillance, former FDIC chairman Sheila Bair said the exit of Citigroup (NYSE: C) CEO Vikram Pandit is "very positive."
"This was a very positive move and the board discharged its responsibilities and I think they should be commended," Bair said. "I did have concerns about Mr. Pandit's qualifications to serve as the CEO of the largest commercial bank, because he had never been a commercial banker."
Bair said the board is doing their job, the most important being picking a CEO.
On whether Pandit was pushed out, Bair hints that this could have been the case. "I will take at face value how Citi is explaining it and I do wish both of them well. But the board hires the CEO and the board needs to make sure the right mix of experience and qualifications to meet the current needs of the corporation. I think the board is doing their job and this should be a good model for other boards. There were obviously some issues, some shareholder unhappiness. I don't want to say anything that's not positive because I think this was a very positive move and the board discharged its responsibilities and I think they should be commended for that."
After trading down 2 percent when the news initially hit, shares of Citigroup are now up 0.8 percent to $36.94.
"This was a very positive move and the board discharged its responsibilities and I think they should be commended," Bair said. "I did have concerns about Mr. Pandit's qualifications to serve as the CEO of the largest commercial bank, because he had never been a commercial banker."
Bair said the board is doing their job, the most important being picking a CEO.
On whether Pandit was pushed out, Bair hints that this could have been the case. "I will take at face value how Citi is explaining it and I do wish both of them well. But the board hires the CEO and the board needs to make sure the right mix of experience and qualifications to meet the current needs of the corporation. I think the board is doing their job and this should be a good model for other boards. There were obviously some issues, some shareholder unhappiness. I don't want to say anything that's not positive because I think this was a very positive move and the board discharged its responsibilities and I think they should be commended for that."
After trading down 2 percent when the news initially hit, shares of Citigroup are now up 0.8 percent to $36.94.
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