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Minutes ago, troubled banking behemoth Citigroup Inc. named Vikram S. Pandit its new CEO.&amp;nbsp; Pandit, who&#39;s been with Citi for only six months and is known more for his analytical prowess than managerial skills, will now face the formidable task of turning around a firm that just weeks ago wrote down $18 billion in bad debt.&amp;nbsp; Not to mention the task of increasing Citi&#39;s stock price,&amp;nbsp;which has&amp;nbsp;plummeted 38 percent this year. &lt;p&gt;Before joining Citi, Pandit ran his own hedge fund, and prior to that, he worked at competitor Morgan Stanley, a firm he left when it was clear he would not be receiving the nod to take over as chief at that firm. &lt;p&gt;But after the five-week search, following Charles Prince&#39;s resignation as Citigroup CEO, Pandit beat out such candidates as Robert B. Willumstad, Citi&amp;#8217;s former president, and Michael A. Neal, the head of General Electric Capital&amp;#8217;s commercial finance division. &lt;p&gt;Along with a new CEO, Citi also named a chairman, Winfried F. W. Bischoff.&amp;nbsp; According to The New York Times, the selection of Bischoff, who&#39;d been serving as interim chief executive, came as &quot;somewhat of a surprise,&quot; since previously he had &quot;not been considered a candidate for the job.&quot;&lt;/p&gt;

Derek Loosvelt

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