Before joining Citi, Pandit ran his own hedge fund, and prior to that, he worked at competitor Morgan Stanley, a firm he left when it was clear he would not be receiving the nod to take over as chief at that firm.
But after the five-week search, following Charles Prince's resignation as Citigroup CEO, Pandit beat out such candidates as Robert B. Willumstad, Citi’s former president, and Michael A. Neal, the head of General Electric Capital’s commercial finance division.
Along with a new CEO, Citi also named a chairman, Winfried F. W. Bischoff. According to The New York Times, the selection of Bischoff, who'd been serving as interim chief executive, came as "somewhat of a surprise," since previously he had "not been considered a candidate for the job."
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