There are lots of confused faces today on Wall Street, as Vikram Pandit resigns out of the blue as CEO of Citi.First of all, it’s out of the blue.
Second of all, there’s this paragraph from an August WSJ story:
A CEO change isn’t imminent. The 55-year-old Mr. Pandit has told colleagues that he intends to stay for several years, until the banking giant is on stronger footing and he has more fully put his stamp on the company. Mr. Pandit has the full support of the board as well as a retention package valued at more than $16 million, including the deferred stock.
That was just a few months ago, and nobody is quite sure what development since then would have changed things.
There are al kinds of theories (pay, board tension, he wants to start a hedge fund again), but the bottom line is this is odd.