Citigroup announces Vikram Pandit steps down as chief executive
NEW YORK (REUTERS) - Citigroup Chief Executive Officer Vikram Pandit has resigned with effect immediately, a shock change at the top of the bank just one day after surprisingly strong quarterly results.
A statement on Tuesday from Chairman Michael O'Neill said that Mr Michael Corbat, previously chief executive for Europe, Middle East and Africa, would succeed Mr Pandit as CEO and become a board member.
Chief Operating Officer John Havens, a long-time associate of Mr Pandit, also resigned.
Mr Pandit's departure follows a series of high-profile defeats this year. In March the Federal Reserve rejected Citigroup's capital plans after a stress test. Mr Pandit had led analysts and investors to believe the dividend-raising plans would be approved.