Citigroup CEO Vikram Pandit steps down
Citigroup CEO Vikram Pandit has today made a shock exit from the US investment bank, saying it was "the right time for someone else to take the helm".
The resignation comes at a time fraught with internal disagreements over the performance and future of the bank. Since Pandit's appointment in 2007, shares have fallen in value by as much as 90% and there has been shareholder disquiet over a series of pay rises for the executive.
Pandit's decision to leave the bank “with immediate effect” was respected by the board. Citigroup issued a statement praising Mr Pandit “for his leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future”.
The groups Chairman Michael E. O’Neill stated, "Since his appointment at the start of the financial crisis until the present time, Vikram has restructured and recapitalised the company, strengthened our global franchise and refocused the business."
In the same statement the bank announced Pandit’s succesor as Mike Corbat, currently heading operations in Europe, the Middle East and Africa.
O’Neill welcomed Mr Corbat, saying he has “demonstrated outstanding leadership qualities… [and] brings deep and varied operating experience across a broad spectrum of the financial services industry.”
He made clear that Corbat had been “at the centre” of the board's CEO succession and planning process.
Pandit also praised Corbat, saying he "could not be leaving the company in better hands… Mike is the right person to tackle the difficult challenges ahead, with a 29-year record of achievement and leadership at this company."