Remember Jack Flack’s five levels of CEO hell? The fourth ("On The Ropes") is when the board starts expressing confidence in the CEO; the fifth ("Dead Man Walking") is "when the corporate flacks, who are typically the staunchest of the palace guard, refuse to comment instead of denying the fragility of their CEO’s job". At that point, says Mr Flack, "the game is over".
Which brings us, naturally enough, to Vikram Pandit:
"We have confidence in the current management and leadership of Vikram," Richard Parsons, a former CEO of Time Warner Inc., said in an interview Sunday. "There’s no truth" to rumors that Mr. Pandit’s job is in jeopardy barely a year after he took the reins, he added. Mr. Parsons is expected to be named Citigroup’s chairman this month, replacing Sir Win Bischoff, say people familiar with the company.
A Citigroup spokeswoman declined to comment.