Citigroup has experienced an unexpected executive shake-up, with Vikram Pandit abruptly stepping down from his positions as CEO and a member of the board of directors, effective immediately. Michael Corbat (pictured left), Citigroup's CEO of Europe, Middle East and Africa, was named as Pandit's replacement.
‘Given the progress we have made in the last few years, I have concluded that now is the right time for someone else to take the helm at Citigroup,’ said Pandit in a press statement released by the company.
‘With unprecedented economic, regulatory and political change, my top priority is to keep us focused on what our clients need, both today and tomorrow,’ said Corbat in the same press statement. ‘The board and I firmly believe in Citigroup's future, and together are committed to delivering sustained profitability and shareholder returns.’
Citigroup also announced that John P. Havens, who has served as president, chief operating officer and CEO of Citi's Institutional Clients Group, has resigned. Havens said that he was planning his retirement for the end of the year but decided to leave in light of Pandit's resignation.