Pandit resigns as Citigroup CEO
17 Oct 2012 8:40 AM IST
In a sudden exit, the India-born chief executive officer [CEO] of Citigroup Vikram Pandit resigned on Tuesday after nearly a five-year tenure, just one day after the US banking giant reported an 88 per cent drop in net profit for its third quarter.
The Nagpur-born Columbia University graduate Pandit, 55, who had been the CEO of Citigroup since December 2007, also resigned as a member of its board in a shock decision after steering the bank through the 2008 financial crisis and the turbulent years that followed during a stormy tenure.
The board of directors has unanimously elected Michael Corbat as the new CEO and director of the board, the company said in an unexpected announcement. The change is effective immediately.
Pandit said that Citigroup had emerged from the financial crisis as a strong institution and 'now … [was] the right time for someone else to take the helm at Citigroup'.
Citigroup further announced that its president and chief operating officer John Havens, who also served as CEO of Citi's Institutional Clients Group, has resigned. The bank offered no explanation for the sudden departure of its two top executives.
The Nagpur-born Columbia University graduate Pandit, 55, who had been the CEO of Citigroup since December 2007, also resigned as a member of its board in a shock decision after steering the bank through the 2008 financial crisis and the turbulent years that followed during a stormy tenure.
The board of directors has unanimously elected Michael Corbat as the new CEO and director of the board, the company said in an unexpected announcement. The change is effective immediately.
Pandit said that Citigroup had emerged from the financial crisis as a strong institution and 'now … [was] the right time for someone else to take the helm at Citigroup'.
Citigroup further announced that its president and chief operating officer John Havens, who also served as CEO of Citi's Institutional Clients Group, has resigned. The bank offered no explanation for the sudden departure of its two top executives.
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