Citigroup Inc. paid a hedge-fund manager with a doctorate infinance more than $200 million over five years to save the bankfrom the brink of collapse. Now it's turning to a former Harvardfootball lineman to run it better.
The board of directors replaced Chief Executive Officer VikramPandit with Michael Corbat, who “will place a special emphasis onsharpening the company's focus on achieving sustained, strongoperating performance,” Chairman Michael O'Neill said on aconference call yesterday.
That may mean cutting jobs, overhauling management, exitingbusinesses and improving ties with regulators, who this yearblocked Pandit, 55, from fulfilling a pledge to restore shareholderpayouts, said analysts, investors, employees and former FederalDeposit Insurance Corp. Chairman Sheila Bair.
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