Citi Chairman Is Said to Have Planned Chief?s Exit Over Months

Citibank’s CEO Viram Pandit was removed through a boardroom coup. There are two questions that the episode raises. Was Pandit truly oblivious to the what the chairman Michael E. O’Neill was up to? Did O’Neill in the end do CITI a favor or has done long-term damage to the morale of the high-level employees.  The NY Times reports:

Vikram Pandit’s last day at Citigroup swung from celebratory to devastating in a matter of minutes. Having fielded congratulatory e-mails about the earnings report in the morning that suggested the bank was finally on more solid ground, Mr. Pandit strode into the office of the chairman at day’s end on Oct. 15 for what he considered just another of their frequent meetings on his calendar.
Michael O’Neill is said to have begun building a case to force out Mr. Pandit after Mr. O’Neill became chairman in April.
Instead, Mr. Pandit, the chief executive of Citigroup, was told three news releases were ready. One stated that Mr. Pandit had resigned, effective immediately. Another that he would resign, effective at the end of the year. The third release stated Mr. Pandit had been fired without cause. The choice was his. The abrupt encounter, described by three people briefed on the conversation, included a terse comment by the chairman, Michael E. O’Neill: “The board has lost confidence in you.”

Read full story on NY Times.

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Read full story by Reuters.

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The proximate cause was the HP Stock price.
For more distant causes click on “more”.


Bob Lutz: Life Lessons From the Car Guy

This fascinating excerpt from Bob Lutz’s book highlights a couple of key issues: one needs to have deep knowledge about an industry to make the right decisions, one needs to select the right leadership style for the organizational context, and finally if one wants to have a long last impact, one needs to institutionalize the change. The reason why Lutz failed to institutionalize is product develop process at Chrysler but believes that it will stick may have nothing to do with him: GM went through bankruptcy and the old ways may have been forced to retreat.

Read full story at

A few days later Lutz was interviewed about the book and the article by the WSJ. Click on


Strategy Implementation - 782


Leadership Style