Bloomberg reports that Parsons said in a weekend interview at his Tuscan vineyard in Montalcino, Italy: 'You need seasoned, honed managers who can cause a 250,000, 300,000-personnel organization to march' with direction, 'Vikram will tell you, ‘That’s not my bag'.
Pandit, 55, produced 'every good idea that we had' to prevent Citigroup’s collapse during the financial crisis, Parsons said. New CEO Michael Corbat, 52, who previously ran the Citi Holdings unit, is well-equipped to lead the firm as it cuts costs and sells unwanted assets, the ex-chairman said.
'Mike Corbat, who I knew back in the day when he ran the Holdings operation, is just that kind of man', said Parsons, 64, adding that he was 'somewhat' surprised by the timing of Pandit’s exit. 'The transition and change was, in the long term, not inevitable but appropriate'.
Parsons oversaw Pandit’s performance since 2007 until stepping down from the board six months ago and was a member of the compensation committee that awarded the CEO’s retention package in May 2011. The deal was designed to keep Pandit at the New York-based bank through cash and stock awards that would pay out over multiple years.
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