Vikram Pandit is the Mind Behind Orogen Group Backing Financial Services Firms; Here's His Net Worth
| Name | Vikram Pandit |
| Net Worth | $200 Million |
| Salary | $500K-$1 Million |
| Annual Income | $10 Million+ |
| Sources of Income | Business |
| Gender | Male |
| Date of Birth | Jan 14, 1957 |
| Age | 66 |
| Nationality | Indian-American |
| Profession | Businessperson |
What is Vikram Pandit’s net worth?
Currently leading the Orogen Group known for investing in financial service startups, after a six-year-long stint as Citigroup CEO, Vikram Shankar Pandit, an Indian-American banker, and investor, boasts of a net worth of $200 million, as per Celebrity Net Worth. After leaving Citigroup in 2012, news surfaced regarding Vikram Pandit and fellow Indian executive Hari Aiyar's acquisition of a 3 percent equity stake in JM Financial. Simultaneously, they announced the establishment of a $100 million fund dedicated to investing in distressed assets. Later, in May 2016, Pandit collaborated with the Atairos Group to establish The Orogen Group, a new operating company, with substantial backing from Comcast Corporation.
What are Vikram Pandit’s sources of income?
Vikram Pandit embarked on his professional journey by initially teaching economics at Columbia University and later, serving as a professor at Brock University in St. Catharines, Canada. However, his breakthrough came when he joined Morgan Stanley in 1983, becoming one of the first Indians to join the prestigious financial services corporation. During his tenure at Morgan Stanley, Pandit played a crucial role in developing the company's prime brokerage division and electronic trading platform. His innovative contributions helped him become the President and Chief Operating Officer of Morgan Stanley's worldwide operations for Institutional Securities and Investment Banking.
Pandit still holds esteemed positions on various boards, including Columbia University, Columbia Business School, the Indian School of Business, and Trinity School. Additionally, he is a member of Kappa Beta Phi. He serves as a director for the Institute of International Finance and was a part of the board of NASDAQ OMX and the New York City Investment Fund from 2000 to 2003. His subsequent venture, the hedge fund Old Lane LLC, marked another chapter in his career before the company was acquired by Citigroup in 2007 for $800 million.
Vikram Pandit's salary
During his tenure as the CEO of Citigroup in 2007, Vikram S. Pandit received an annualized compensation of $3.16 million. This encompassed a base salary of $250,000 and stocks granted amounting to $2.91 million. In the following year, 2008, Pandit's total compensation soared above $38 million, inclusive of a base salary of $958,333, stocks granted worth $28.8 million, and options granted amounting to $8.4 million. It is noteworthy that, when adjusted for Citigroup's depreciated share price, the package was significantly reduced to a few million dollars. Pandit also received $165 million for his hedge fund, which was acquired by Citi in 2007, but In 2012, Citigroup shareholders expressed their disapproval of a non-binding resolution rejecting a $15 million pay package for Pandit. In November 2012, Pandit received approximately $6.7 million in compensation.
Real estate and other assets
Vikram Pandit and his wife Swati have decided to put their Greenwich, CT residence on the market, per Business Insider. Acquired in May 1999 for $3.4 million the property boasts a 5,105 square foot house featuring 5 bedrooms and 6.5 bathrooms. Additionally, the estate includes a pool with a pool pavilion and is conveniently located near the prestigious Round Hill Country Club.
Personal life
Vikram Pandit, born on January 14, 1957, into a prosperous Marathi family, hails from the Dhantoli locality of Nagpur, Maharashtra, India. His father, Shankar B. Pandit, held the position of executive director at Sarabhai Chemicals in Baroda. Pandit's educational journey began at Bishop Cotton School in Nagpur and continued at the Dadar Parsee Youths Assembly High School in Dadar, Mumbai.
At the age of 16, Pandit left for the United States to pursue his undergraduate studies at Columbia University, and earned his B.S. degree in electrical engineering in just three years, followed by his M.S. in electrical engineering in 1977. Pandit, driven by a shift in focus toward economics and finance, went on to achieve an MBA and a PhD in finance from Columbia Business School in 1986. His doctoral thesis, titled "Asset prices in a heterogeneous consumer economy," delved into a complex financial puzzle. Vikram Pandit, now a naturalized U.S. citizen, resides in an apartment on the Upper West Side of Manhattan. He shares his life with his wife, Swati, and together, they are parents to two children, Rahul and Maya.
Awards
In recognition of his contributions to the business industry, Vikram Pandit received the prestigious Padma Bhushan award in 2008, a testament to his impact on the financial sector. He has been included in Forbes’ list of the world’s most powerful people and has received awards for his leadership and business acumen.
FAQs
When and why did Vikram Pandit resign from his position as CEO of Citigroup?
Vikram Pandit resigned from Citigroup on October 16, 2012. The reasons behind his resignation sparked speculation and debate in the financial community.
What philanthropic initiatives is Vikram Pandit involved in?
Vikram Pandit is actively engaged in philanthropy, supporting causes such as education, healthcare, and poverty alleviation through The Pandit Family Foundation.
What is one of Vikram Pandit's key strengths?
Vikram Pandit is recognized for his expertise in risk management, emphasizing the implementation of robust practices for organizational stability and resilience.