One of the worst hit by the financial meltdown, Lloyds has been extended billions of pounds by the UK government, which now has more than 40 per cent stake in the banking group.
Lead director and chairman of the board's nomination and governance committee, Richard D Parsons will succeed Win Bischoff as chairman of the board of directors, from February 23, Citi said. Sixty-year-old Parsons, an experienced corporate leader, has previously worked with Time Warner in positions of president, chief executive officer and chairman.
Vikram Pandit pledged to simplify Citigroup's organisation and reshape its businesses according to "economic realities" after being named chief executive of the bank.
Former US Treasury Secretary Robert E Rubin has been appointed as the chairman of the Citigroup after the resignation of its embattled CEO Charles Prince, prompted by major write-offs by the world's biggest bank following turmoil in subprime loan and credit markets. Vikram S. Pandit, an Indian, who took over Citigroup's investment banking operation in early October, just six months after joining the bank, is one contender for the top post.
In a media release, the financial services behemoth said that its board of directors has appointed Vikram Pandit as the company's new chief executive officer and member of the board of directors, effective immediately.
Vikram Pandit has taken the helm at the troubled financial-services giant. He talks about the road back.
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