NEW YORK (TIP): In a surprise move, Citigroup’s Indian American chief executive Vikram Pandit stepped down Tuesday, October 16, ending his tumultuous five-year reign atop the banking giant that he had nursed to recovery through the financial crisis. The move came just one day after Citigroup wowed Wall Street with solid third-quarter earnings. Citigroup’s President and COO John Havens also resigned. Mr. Pandit, 55 years old, departed following a clash with the board over strategy and performance, according to senior bank executives and advisers. Citigroup, the nation’s third-largest bank by assets, named Citigroup veteran Michael Corbat, 52, as Mr. Pandit’s successor. Michael Corbat headed the bank’s operations in Europe, the Middle East, and Africa. “Mike is the right person to tackle the difficult challenges ahead, with a 29-year record of achievement and leadership at this company,” said Pandit in a company statement. “Citigroup is well-positioned for continued profitability and growth, having refocused the franchise on the basics of banking.”
Citi CEO Vikram Pandit Steps Down
