By Daniel Wagner
AP Business Writer
Vikram Pandit stepped down as CEO of Citigroup on Tuesday after steering the bank through the 2008 financial crisis and the choppy years that followed.
Pandit’s replacement as CEO is Michael Corbat, the current CEO of Citigroup’s Europe, Middle East and Africa division, the bank said. Corbat has worked at Citigroup and its predecessors since he graduated from Harvard in 1983.
Pandit will also relinquish his seat on Citi’s board of directors. And a second top executive also resigned as part of the shake-up: President and Chief Operating Officer John Havens, who also serves as CEO of Citi’s Institutional Client Group.
The bank offered no explanation for the sudden departure of its two top executives.
On Monday, Citigroup announced third-quarter earnings that beat analysts’ expectations, after stripping out one-time items like a big write-down it had to take because it got less money than it had hoped when it negotiated to sell its stake in its retail brokerage.
- Posted October 17, 2012
- Tweet This | Share on Facebook
Pandit steps down as CEO of Citigroup
headlines Detroit
- Lawsuits between prediction markets and states now spans nearly half of U.S.
- Supreme Court reform gathers momentum
- Narrow Mail-in Voting Ruling by Supreme Court Doesn’t Address Constitutionality of Trump’s Executive Order
- ABA joins NASS and to mobilize lawyers as poll workers for midterm elections
- Daily Briefs
headlines National
- Legal writers can benefit from a Zen writing approach and some Hemingway—and so can their readers
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Why the next competitive advantage in the AI era is partnership, not just technology
- Things I wish my spouse had told me before they died
- Troutman Pepper Locke associate files discrimination lawsuit against firm
- Jay-Z’s extortion suit against lawyer in withdrawn rape case faces skepticism from judge
