Shock resignation as Vikram Pandit leaves Citi 16 October 2012London Reporter: Georgina Lavers
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In a surprising turn, Vikram Pandit has abruptly left Citigroup after rumours that there were clashes between him and the board over strategy.
The new CEO will be Michael Corbat, previously the CEO of Citi in Europe, Middle East and Africa.
Pandit had been been at the firm for just five months when he was chosen in late 2007 to succeed Charles Prince, who resigned amidst swelling losses on bad mortgage securities.
He said of his deaprture: “Citigroup is well-positioned for continued profitability and growth, having refocused the franchise on the basics of banking. 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. I could not be leaving the company in better hands.”
Michael O’Neill, chairman of the board, said that the board respected Pandit’s decision, stating that the 55-year-old restructured and recapitalised the company and attesting to his: “leadership, integrity and resilience.”
However, the situation isn’t as rosy as it would appear, with the president and COO, John Havens following in Pandit’s footsteps and announcing his departure.
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