Citi Board Names Vikram Pandit as Chief Executive Officer

The Board of Directors of Citi today announced that it has appointed Vikram Pandit as the company's new Chief Executive Officer and member of the Board of Directors, effective December 11, 2007. Mr. Pandit was most recently Chairman and Chief Executive Officer of the Institutional Clients Group, which comprises Citi Markets & Banking and Citi Alternative Investments. Previously, he was a founding member and chairman of Old Lane, LP, a multi-strategy hedge fund and private equity fund manager acquired by Citi in 2007. Upon acquisition, Old Lane's total assets under management and private equity commitments amounted to approximately $4.5 billion.

Prior to founding Old Lane, Mr. Pandit held a number of senior positions at Morgan Stanley over more than two decades, including President and Chief Operating Officer of Morgan Stanley's Institutional Securities Group, which included Morgan Stanley's investment banking, fixed income and capital markets businesses.

Mr. Pandit said, "I am honored to become Citi's leader to drive the changes we need. Citi is an extraordinary institution with tremendous talent, resources and capabilities and geographic and business scope. Our challenge is to capitalize on these strengths to deliver the high-quality service and products our clients require and to generate the superior returns our shareholders expect. I will work closely with Win, Bob and Citi's Board and management to assure that our strategy, structure, scale and diversification position the company for growth. Simplifying the company's organizational structure and aligning our businesses and resources with appropriate goals and economic realities will be among our initial priorities.

"During this challenging time, Citi's role in the global markets is more vital than ever. We will address our issues head-on while continuing to deliver value for our clients, shareholders, employees and the communities in which we operate."

Prior to forming Old Lane, Mr. Pandit, 50, was President and Chief Operating Officer of Morgan Stanley's institutional securities and investment banking business and was a member of the firm's Management Committee. Previously, he served in various roles as head of the Equity Division, head of Derivative Sales and Trading, and Managing Director and head of the Equity Syndicate. Mr. Pandit joined the Investment Banking Division of Morgan Stanley in 1983.

Mr. Pandit serves on the boards of Columbia University, Columbia Business School, India School of Business Hyderabad, India and the Trinity School (NY). He is a former board member of NASDAQ, New York City Investment Fund, American India Foundation and the Council on U.S. Competitiveness. He earned a PhD in Finance from Columbia University in 1986. He also received an MS degree in 1977 and a BS degree in electrical engineering in 1976 from Columbia University.

A few other Indians who’ve also climbed the global fortune company ladder are Indira Nooyi (CEO, Pepsico), Arun Sarin (CEO, Vodafone), and Ramani Ayer (CEO, Hartford Financial).

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