Pandit and Bischoff take reins at Citigroup

Citigroup yesterday named a new leadership team, whose mission will be to pull the company out of staggering debt from the mortgage crisis.

Vikram S. Pandit was appointed CEO, and Winfried F.W. Bischoff became chairman. The two men succeed Charles Prince, who resigned after reporting up to $11 billion in new losses.

Former U.S. Treasury Secretary Robert Rubin had served as interim chairman after Prince’s departure. He has stepped down from the post and resumed his role as a company director.

Rubin also served on the executive search committee. Other members included Richard Parsons, chairman and CEO of Time Warner; Franklin Thomas, former Ford Foundation CEO; and Alain Belda, CEO of Alcoa.

Pandit headed institutional securities at Morgan Stanley from 1994 to 2000. He joined Citigroup earlier this year, when the bank bought his Old Lane hedge fund. Bischoff previously chaired Citigroup’s European operations.

Wall Street reacted unenthusiastically to their appointments. Some analysts criticized the two as being untested and Citigroup’s stock fell $1.54, to $33.23.

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