Richard Parsons made the comments during an interview with Bloomberg television.
He told the news provider that Mr Pandit has his âpersonal gratitudeâ for his performance during the recent period of economic volatility.
âWe fell into a pretty deep hole and I think itâs clear to the markets now that Citi is climbing out of the hole and will get out of that hole and will emerge, and thatâs because an awful lot of people have put in a lot of time and creativity working through what were some enormous problems and Vikram has led that effort.â
Mr Pandit received an estimated $128,000 in remuneration for his work with Citigroup in 2009.
He announced in February of last year that he would only receive $1 in pay, which came after he had already received $125,000 during January and February.
Meanwhile, Nick Roe, Citigroupâs global prime finance head, has told Bloomberg that the organisation is looking to double the size of its hedge fund advisory team.
By Jim Ottewill