When CEO Pandit took the helm of troubled Citi in late-’07 he had few supporters on Wall Street or elsewhere as to whether he could run the company and save it from the brink of disaster. Many feared his strong academic background would influence him to “lead by theory” versus “lead with vision”.
I, for one, was quoted in Forbes with an aire of optimism – cautious, but optimistic, about his potential for success. After seeing today’s news about his rush to “beat the Board” and make “significant management changes” now I am confident Mr. Pandit is just wingin’ it -” Management by the seat o…f his pants” – It’s not way to run a company. Of that, I am certain.
The question now is when will the Board step up and relieve Mr. Pandit of his post and recruit a responsible corporate citizen to salvage what is left of what was once the world’s biggest bank? Or, will the Board allow his brand of nepitism to continue with promoting his “Old Guard” and let the ship flounder?
