Vikram S. Pandit's sudden exit from Citigroup appears to have much to do with tension with the bank's board.
A check of the board's roster reveals a number of former Wall Street executives with lengthy experiences in banking. Many of the directors joined the board only within the past four years.
At the helm is Michael E. O'Neill, the firm's chairman for the last seven months. As DealBook has reported, Mr. O'Neill, a respected banking executive known for reviving the Bank of Hawaii, had clashed with Mr. Pandit over the direction of Citi and a lack of a stronger vision.
Three other financial services veterans also sit on Citi's current 12-member board. One is William S. Thompson Jr., a retired chief executive of the Pacific Investment Management Company and a former banker at Salomon Brothers, that was a predecessor to the current Citigroup.
Another is Diana L. Taylor, a former investment banker and New York state superintendent of banks who is curre ntly a managing director of Wolfensohn Fund Management. (She is also the longtime girlfriend of Mayor Michael R. Bloomberg of New York City.)
There is also Robert L. Joss, a former banker at Wells Fargo and onetime chief executive of the Westpac Banking Corporation who then served as the dean of Stanford's Graduate School of Business until 2009.
Also on the board is Joan E. Spero, a onetime executive vice president at American Express who led the financial services firm's corporate affairs and communications. She is currently a senior research scholar at Columbia's School of International Affairs.
One highly prominent name is Ernesto Zedillo, a former president of Mexico who now teaches at Yale.
Three current or former high-ranking corporate executives also sit on the board: Franz B. Humer, the chairman of the drug maker Roche Holding; Robert L. Ryan, a retired chief financial officer of Medtronic; and Lawrence R. Ricciardi, a onetime chief financial officer of I.B.M. who is now a senior adviser to Lazard and the law firm Jones Day.
Another director is Judth Rodin, the president of the Rockefeller Foundation and a former president of the University of Pennsylvania.
The final member of the board was added only within the past 24 hours: Michael L. Corbat, who took over for Mr. Pandit.
One of Mr. Pandit's biggest champions, the serial director Richard D. Parsons, left Citi's board in April, potentially leaving the now-departed chief executive without a strong defender. Mr. Parsons had previously praised Mr. Pandit's performance, declaring in 2010 that the then-chief âdeserves to be paid.â