Charles Bobrinskoy, vice chair at value investor John Rogers' fund Ariel Investments, was on CNBC to discuss his take on Citigroup (C, Financial)'s CEO Vikram Pandit's sudden departure from the bank. Bobrinskoy has worked for number of years at Salmon Brothers and was classmate of the newly appointed CEO of Citigroup, Michael Corbat, back in 1983.
-- He sold Citi last quarter due to his concerns about governance and management at Citi.
-- Citi's board and governance has always been very weak.
-- He thinks Pandit himself choose to resign from Citi and was probably unhappy with the direction board wanted to go.
-- He thinks there was disagreement related to compensation.
-- He also thinks there are hidden skeletons and Corbat is not the person who will be aware of everything. Even best-in-the-business Jamie Dimon was not aware of the whole book of his business.
Here is the video:
-- He sold Citi last quarter due to his concerns about governance and management at Citi.
-- Citi's board and governance has always been very weak.
-- He thinks Pandit himself choose to resign from Citi and was probably unhappy with the direction board wanted to go.
-- He thinks there was disagreement related to compensation.
-- He also thinks there are hidden skeletons and Corbat is not the person who will be aware of everything. Even best-in-the-business Jamie Dimon was not aware of the whole book of his business.
Here is the video:
