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Pandit Promotes Old Lane Co-Founder
Klein also takes on new role.
March 17, 2008
Citigroup chief executive Vikram Pandit appointed John Havens, a co-founder of Old Lane and most recently CEO of Citi Alternative Investments (CAI), as CEO of the entire Institutional Clients Group (ICG), which includes investment banking, as well as CAI chairman. Michael Klein was named ICG chairman.
The appointments were announced earlier today and take effect immediately. Havens and Klein will report to Pandit in their new roles.
Havens will be responsible for ICG management and strategic oversight and CAI strategic direction. Klein, meanwhile, will focus on stronger client ties and building relationships with international corporations, governments and institutions. He will also chair a firm-wide client committee.
Klein was most recently chairman and co-CEO of Citi Markets & Banking, which falls under ICG and includes investment banking.
"Michael Klein has an unmatched network of relationships with CEOs and heads of state," Pandit said of Klein. He added that Klein "has played a major role in the strategy and execution of just about every monumental or complex transaction in the last 20 years."
Pandit commented of Havens, "His primary goals will be to take full advantage of the breadth of our products and our geographic scope, while ensuring we have the best possible risk management in place."
The following ICG managers will report to Havens: James Forese (who becomes head of sales and trading/capital markets); Ray McGuire and Alberto Verme, co-heads of investment banking; Edward "Ned" Kelly, president and CEO of CAI; Paul Galant, head of global transaction services; Hamid Biglari, ICG chief operating officer; and Michael Corbat, head of corporate and commercial banking.
Citi's announcement also highlighted Pandit's four main objectives:
- "Better manage the firm's capital resources and risk management for improved profitability, stability and future growth;
- Eliminate bureaucracy and encourage collaboration across business lines while creating a nimbler, more client-focused organization;
- Create a culture for our employees that rewards meritocracy and drives accountability and teamwork;
- Drive cost and operational efficiencies to generate additional shareholder value."
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