The WSJ first reported that famed ex-Treasury Secretary Bob Rubin will be leaving the board of directors at Citigroup Inc. (NYSE: C). This has now been confirmed in multiple reports elsewhere. This follows about two years worth of criticism, the ouster of Chuck Prince and the questionable performance of Vikram Pandi. Some have argued that Rubin has just not been worth anything to Citigroup.
We are still of the opinion that the sweeping changes that were neededall along and have yet to come will take CEO Vikram Panditdown as well. Despite the timing being too soon, we included Pandit as one of the 10 CEO’s To Go In 2009. Citigroup’s problems might not be all his fault, but they were not dealt with as swiftly as many would have hoped.
Rubin has made more than $100 million by being on Citi’s board. He isnot an operational employee. Unfortunately, the problems at thecompany would likely be the same if you took 99% that pay away or ifyou tripled it.
This is probably just a footnote in what will have been many sweepingchanges over the last few years and what lies ahead at Citi.
Jon C. Ogg
January 9, 2009
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