Indian among likely successors for Citigroup

NEW YORK: Former US Treasury Secretary Robert E Rubin has been appointed as the chairman of the Citigroup after the resignation of its embattled CEO Charles Prince, prompted by major write-offs by the world's biggest bank following turmoil in subprime loan and credit markets.

Sir Win Bischoff, chairman of Citi Europe and a member of Citi's Business Heads, Operating and Management Committees, was appointed acting Chief Executive Officer at an emergency meeting of the board held yesterday, Citigroup announced.

But Rubin is expected to step down once the board decides on permanent structure and had said they intend to complete the search for a new CEO as expeditiously as possible, reviewing qualified candidates from outside as well as within our organization.

Vikram S Pandit, an Indian, who took over Citigroup's investment banking operation in early October, just six months after joining the bank, is one contender.

Pandit's love of complex, technical problems and his years of experience in dealing with clients, risk and the more arcane aspects of what makes investment banks run at Morgan Stanley has piqued Rubin's curiosity, the New York Times said.

Other potential candidates include Robert Druskin, the company's chief operating officer; and Gary L Crittenden, its recently named finance chief.

A special committee, including Rubin and board member and Time Warner chief executive Richard Parsons, will conduct a search for a permanent CEO.