Citigroup board said to oust CEO over poor execution
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In this Monday, June 15, 2009, file photo, Vikram S. Pandit, CEO of Citigroup is seen at the National Summit in Detroit. Mr Pandit's abrupt departure sparked speculation about the possible reasons - a fight over compensation, the bank's quarterly earnings report on Monday, or the dismal share price performance under Mr Pandit compared with other major US banks. -- PHOTO: AP
NEW YORK (AFP) - Citigroup shocked Wall Street on Tuesday with news of the immediate resignation of chief executive officer (CEO) Vikram Pandit in a top-level shakeup at the US bank.
Citi's board unanimously elected Mr Michael Corbat, head of the Europe, Middle East and Africa division, to succeed Mr Pandit as CEO and fill his seat on the board, the bank said.
"It's a total surprise," said Standard & Poor's (S&P's) analyst Erik Oja.
The swift change at the helm came a day after Citi reported third-quarter earnings that beat analyst expectations.
