Ah Vikram Pandit. We have followed your act for a few years now. We finally report with sadness the Bandit’s sudden retirement from Citigroup (we had hoped that Buford T. Justice would take over as CEO, like in that crappy third film). Sorry for taking so long to cover the story about Vikram’s departure, but it takes time to go through stages of grief, and we have finally hit the acceptance level.
As you are no doubt aware, Bandit
was forced out by Michael E. O’Neill and the board resigned rather abruptly a month ago and was replaced by Michael Corbat. About his resignation, he said: “I’ve been thinking about this for a long time. It was my decision. I made it talking to Mr. O’Neill, and we did it understanding that the company was ready.” Of course. Why would the board force him out anyway? Because, as ZeroHedge reported, Citi’s stock dropped 90% since he took over in December 2007? Nah, that’s no reason to force out a CEO.
Don’t feel too badly for Vikram Pandit. He made over $200 million during his term there, and in addition, he’ll receive a $6.7 million “bonus” that was owed to him for his “work” in 2012. John Havens, the bank’s COO who quit at the same time as Pandit, will also receive $6.8 million. Citi calls these payments “incentive awards,” and not severance. Hey, who are we to argue? Bandit was actually scheduled to receive more compensation as part of a retention package granted in 2011 (about $24 million) but that has been forfeited. We hope that doesn’t mean he’ll have to give up his $17 million apartment in Central Park West.
Bandit now joins Ken Lewis in CEO Heaven (Hell?). As you can see above, he has earned the coveted “X.” We will miss him.
*Note: rumors that Vikram Pandit was spotted driving cases of Coors east of the Mississippi are unfounded.