Pandit Appoints Morgan Stanley Man

by Stewart Douglas

Story link: Pandit Appoints Morgan Stanley Man

Banking giant Citigroup has today announced the appointment of a new high profile executive, in one of new CEO Vikram Pandit’s most notable moves thus far, replacing the outgoing chief administrative officer David Bushnell after three months in post, according to reports today.

The bank today announced that former Morgan Stanley man Don Callahan would be drafted in to oversee the marketing and operations side of the business, bringing with him significant expertise in financial administration.  Callahan, 51, worked with Pandit during his time at Morgan Stanley, which is also thought to have been a contributing factor to the appointment.

Bushnell had been seen as a rollover from the Chuck Prince tenure, having been appointed by the former executive several months before his resignation.  It is thought this may also have been part of the motivation behind Bushnell’s departure, which paved way for the appointment today.

According to a memo circulated around the company today, Pandit described Callahan as a close colleague and friend over the last few years at Morgan Stanely, suggesting he would be instrumental in achieving the immediate goals of Citigroup over the next twelve months.

“Don has been a close business partner of mine for many years and will help me drive our agenda for change at Citi”, said Pandit today.

It remains to be seen whether Callahan’s appointment will help Pandit strive towards targets, and whether their vast experience respectively will enable them to work efficiently in pursuit of results.

Citigroup shares were today buoyed by the news of the appointment, despite falling significantly over the year as a result of the heavy writedowns and subsequent losses throughout the third quarter as a result of sub-prime exposure.