Washington, Oct 16 (IANS) In a surprise move, Citigroup's Indian American chief executive Vikram Pandit is stepping down, ending his tumultuous five-year reign atop the banking giant that he had nursed to recovery through the financial crisis.
The move came just one day after Citigroup wowed Wall Street with solid third-quarter earnings. Citigroup's President and COO John Havens also resigned.
Citigroup's board of directors appointed Michael Corbat, who headed the bank's operations in Europe, the Middle East, and Africa, as the bank's new CEO.
"Mike is the right person to tackle the difficult challenges ahead, with a 29-year record of achievement and leadership at this company," said Pandit in a company statement.
"Citigroup is well-positioned for continued profitability and growth, having refocused the franchise on the basics of banking."
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