Vikram Pandit
Born 1957 · Age 68
Indian‑American banker and investor; CEO of Citigroup (Dec 2007–Oct 2012); chairman & CEO of The Orogen Group. Recipient of Padma Bhushan (2008).
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Life & Career Timeline
Born in Nagpur, Maharashtra, India
Born in the Dhantoli locality of Nagpur to an affluent Marathi family. Father Shankar B. Pandit was an executive director at Sarabhai Chemicals in Baroda.
Moved to the United States to attend Columbia University
At age 16 Pandit moved from India to the U.S. to enroll at Columbia University for undergraduate studies in engineering.
Earned B.S. in Electrical Engineering, Columbia University
Completed a B.S. in electrical engineering in only three years at Columbia University.
Earned M.S. in Electrical Engineering, Columbia University
Completed an M.S. in electrical engineering at Columbia University.
Marriage and family (married to Swati; two children)
Pandit is married to Swati and has two children, Rahul and Maya. Exact marriage date and children's birthdates are not specified in the provided sources.
Joined Morgan Stanley as an associate
Joined Morgan Stanley (one of the first Indians at the firm) and began what would be a more than two‑decade career there.
Earned PhD in Finance (and MBA) from Columbia Business School; published thesis
Received an MBA and PhD in finance; published doctoral thesis titled 'Asset prices in a heterogeneous consumer economy.'
Instrumental in building electronic trading & prime brokerage at Morgan Stanley
Credited with building Morgan Stanley's electronic trading platform and the prime brokerage division (date range spans 1980s–2000s). Year is approximate as the work occurred over many years.
Promoted to President & COO (Worldwide Institutional Securities & Investment Banking), Morgan Stanley
Reached the post of president and chief operating officer for Morgan Stanley's worldwide institutional securities and investment banking businesses.
Naturalized U.S. citizen (reported status)
Pandit is a naturalized citizen of the United States (exact year of naturalization not specified in the source). Year is included as a placeholder to record the personal milestone as having occurred prior to his Citigroup prominence.
Left Morgan Stanley after more than two decades
Departed Morgan Stanley along with John Havens after being passed over for leadership by Philip J. Purcell.
Co‑founded hedge fund Old Lane LLC
With John Havens and Guru Ramakrishnan, Pandit founded Old Lane LLC (hedge fund). Bloomberg reported plans to seed/raise roughly $2 billion.
2007 reported compensation summary
Reported annualized compensation for 2007 was $3,164,320 (base $250,000; stocks granted $2,914,320).
Old Lane acquired by Citigroup for $800M; Pandit received ~$165M
Citigroup bought Old Lane in 2007 for $800 million; Pandit reportedly received about $165 million from the transaction and joined Citi leadership.
Named Chairman & CEO of Citi Alternative Investments (CAI)
Following Citi's acquisition of Old Lane, Pandit was named chairman and CEO of Citi Alternative Investments and later led Citi's Institutional Clients Group.
Appointed Chief Executive Officer of Citigroup Inc.
On 11 December 2007 Pandit was named CEO of Citigroup, replacing interim CEO Sir Winfried Bischoff. Robert Rubin strongly supported his appointment.
2008 reported compensation package (gross)
Reported 2008 total compensation: $38,237,437 (base $958,333; stocks $28,830,000; options $8,432,911) though much lost in share price decline.
Received Padma Bhushan from Government of India
Honoured with the Padma Bhushan (third highest civilian award in India) for contributions to trade and industry.
2009 reported compensation as Citigroup CEO
Reported total compensation in 2009 was $128,751 (base $125,001; other $3,750) reflecting $1 salary pledge.
Testified to U.S. Congress — $1 salary pledge
On 11 Feb 2009 Pandit testified that he told the Citigroup board his salary should be $1/year with no bonus until profitability returned; apologized for private jet consideration after TARP funds.
Base salary raised to $1.75M
After two years earning $1/year, in January 2011 Pandit's annual base salary was increased to $1.75 million.
Portrayed in HBO / TV film 'Too Big to Fail'
Actor Ajay Mehta portrayed Vikram Pandit in the 2011 television film Too Big to Fail.
Received $23.2M retention award as Citi CEO
In May 2011 Citigroup announced a $23.2 million retention award to Pandit after consecutive profitable quarters.
Co‑chaired World Economic Forum (Davos) 2012
Co‑chaired Davos 2012; made public remarks about Citigroup returning to basics and global jobs outlook. His leadership role at Davos was criticized by some analysts.
Shareholders rebuffed proposed $15M pay package
In April 2012 shareholders voted against increasing Pandit's pay to $15 million; ~55% of votes cast were against the compensation package.
Resigned as CEO of Citigroup
On 16 October 2012 Pandit unexpectedly resigned as Citigroup CEO; Michael Corbat was named his successor. Reports later said the board forced him out after eroding investor/regulator confidence.
Post‑departure payout from Citigroup (~$6.7M)
In November 2012 Pandit was paid about $6.7 million by Citigroup following his departure.
Acquired stake in JM Financial and launched $100M distressed-assets fund
Reported that Pandit and Hari Aiyar were acquiring a 3% equity stake in JM Financial and launching a $100 million fund to invest in distressed assets.
Named to boards (reported membership list contains multiple directorships)
Listed as a board member of Columbia University, Columbia Business School, Indian School of Business and Trinity School (specific appointment dates vary; membership documented publicly).
Appointed chairman & CEO of The Orogen Group (ongoing)
Pandit serves as chairman and chief executive officer of The Orogen Group, focused on investments in financial services.
Reported board directorships at Bombardier, Virtusa, EXL
Pandit is listed as a board director of Virtusa, Bombardier Inc. and EXL Service (dates of appointment not specified in source; listed as current/director roles).
Co‑founded The Orogen Group (chairman & CEO)
Pandit and Atairos Group created an operating/investment company, The Orogen Group, to invest in financial services companies; The Orogen Group had backing from Comcast Corporation.
Public recognition in business literature and interviews
Subject of profiles and interviews discussing his Citigroup tenure and post‑Citi activities; continues to be active as investor and board member.
Ongoing role: Chairman & CEO, The Orogen Group
Pandit continues as chairman and CEO of The Orogen Group (as reported in multiple sources); remains on various boards and active in financial services investing.
Key Achievement Ages
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