Citi: Michael Corbat

Citi: Michael Corbat

Published: October 16, 2012

Bank names new CEO after unexpected resignation of Vikram Pandit.

Citigroup has announced that Michael Corbat, its CEO for Europe, the Middle East and Africa, will become CEO following the resignation of Vikram Pandit, who has stepped down effective immediately.

In a statement announcing his resignation, Pandit said: “Thanks to the dedication and sacrifice of people across Citigroup, we have emerged from the financial crisis as a strong institution… 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.”

Michael E. O’Neill, chairman of the board, said: “We respect Vikram’s decision. 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 re-focused the business. The board and I are grateful to Vikram for his leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future. We wish him all the best with the next stage in his career.”

Corbat said: “Given the considerable progress we have made in recent years, Citigroup possesses unique strengths to take on exciting opportunities around the world. With unprecedented economic, regulatory and political change, my top priority is to keep us focused on what our clients need, both today and tomorrow. The board and I firmly believe in Citigroup’s future, and together are committed to delivering sustained profitability and shareholder returns.”

President and chief operating officer, John P. Havens has also resigned. Havens said that he had already planned to retire at year-end but decided to leave now in light of Pandit’s resignation.