FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that former Citigroup (C) CEO Vikram Pandit was clearly “shown the door” and that “if you add up the missteps of Vikram Pandit since 2008, they are monumental,” which “added up” to the board “wanted him out.” Excerpts from the report can be found below, courtesy of Fox Business Network.
On the timing of Vikram Pandit’s resignation:
“I think it’s less of a resignation and more of a…Ouster. Fired. Clearly he was shown the door. The timing was odd because they did earnings yesterday. My guess is the guy that’s replacing him, Mr. Corbat, did not want lead the earning call and be asked a million questions about Vikram Pandit, so they did it this way. And I am getting that from a source pretty close to Citigroup.”
On whether the board forced Vikram Pandit to resign:
“I can tell you that the board. If you add up the missteps of Vikram Pandit since 2008, they are monumental…There’s a lot of missteps. From what I understand, it added up to finally they wanted him out. So this is less than a resignation…this is more, they essentially ousted him. They did not like the job he was doing. John Havens would leave with him because John Havens is he loyal number two and that makes tremendous sense.”