Indian born Vikram Pandit, 50, was today named the new chief executive officer of Citigroup, succeeding Sir Win Bischoff, who was asked by the Citigroup board to fill the vacancy as acting CEO since 4 November 2007, on the resignation of Charles (Chuck) Prince after the banking group reported massive sub prime losses. (See: Citibank boss quits as an additional $11 billion in sub-prime losses looms) 

Sir Win, who has had a distinguished and successful career in financial services, serving as chairman of Schroders plc before joining Citi in 2000, on the acquisition of Schroders' investment banking business by a Citi predecessor company, takes over as chairman from former US treasury secretary Robert Rubin, who will return to his previous role as a member of the Citigroup board of directors and chairman of the executive committee of the board.

Pandit, a Ph.D in finance from Columbia University, was chairman and chief executive officer of the institutional clients group, which comprises Citi Markets & Banking and Citi Alternative Investments, has also become a member of the board of directors, with immediate effective.

Pandit 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. Prior to founding Old Lane, he 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.

Prior to forming Old Lane, Pandit, 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. He has worked in various roles as head of the equity division, head of derivative sales and trading, and managing director and head of the Equity Syndicate.

Commenting on Pandit's elevation as CEO, Rubin said, "Vikram has earned a reputation as one of the most respected leaders in the financial services industry. The combination of his deep executive experience and long history as a strategic thinker makes him the outstanding choice to be Citi's CEO."

On the choice of his successor, Rubin said, "As a respected member of our senior team, Win brings extensive international experience that will enhance our efforts around the world. He has a keen understanding of Citi's diverse strengths, its many growth opportunities and what is needed for Citi to realize its tremendous potential. Win is an excellent addition to our Board and will be a very effective Chairman.

Pandit said, "I am honoured to become Citi's leader to drive the changes we need." He noted, "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."

Pandit serves on the boards of Columbia University, Columbia Business School, India School of Business Hyderabad, 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.