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Banking, finance, and taxes

Rubin Out At Citi (C)

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By Douglas A. McIntyre Updated Published
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Citi_logoThe 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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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