Sunday, 24 July 2016
Last updated 1 day ago
Jan 14 2014 | 11:50am ET
Former Citigroup President John Havens has his old job back.
Havens was named non-executive chairman and a partner at Napier Park Global Capital, which spun off from Citi last year. Havens led New York-based Napier Park—then known as Citi Capital Advisors—as CEO of Citi Alternative Investments, prior to his appointment as Citi's president in 2011.
A year later, he and Citi CEO Vikram Pandit—who had led Citi AI prior to his promotion to CEO in 2008—were fired, but not before they oversaw Napier Park's planned spin-out, which gave its top managers, Jonathan Dorfman and James O'Brien, a 75% stake in the unit for free.
Citi continues to hold a non-voting minority stake in Napier Park, which has $5.6 billion in assets.
Havens and Pandit, both former Morgan Stanley executives, co-founded hedge fund Old Lane Partners after leaving that bank. They sold it to Citi in 2007, where it became part of Citi AI until it was shuttered in 2008.