Pandit becomes Citi king, Prince proves 8216;dumb8217;

In a separate list of 8220;Bosses Behaving Badly8221;, culled out from the main rankings, Chuck 8212; Prince8217;s nickname 8212; has been placed fifth. Fortune said it was one of the 8220;mind-boggling mishaps that took place in the executive suite.8221;

Citigroup announced on November 4 that Prince was resigning as its Chairman and CEO, which was followed by the appointment of an interim CEO and an interim Chairman and the formation of a search committee for permanent candidates to fill these positions.

About a month later, the company named Nagpur-born Pandit as its new CEO. Pandit joined the bank just about seven months back when Citigroup acquired his hedge fund Old Lane and named him the head of its investment banking business. However, Pandit8217;s long experience as head of institutional securities business at investment banking giant Morgan Stanley worked in his favour.

Incidentally, Prince is said to have been instrumental in the acquisition of Old Lane and bringing Pandit on board Citigroup.

The overall 8220;Dumbest Business Moments8221; list is led by the recall of China-made toys and other products by US companies due to the lead content.