Vikram Pandit quits Citigroup; Michael Corbat appointed new CEO
16 Oct 2012
Vikram Pandit has stepped down as the chief executive officer of Citigroup. He also opted out of the board of directors of the US banking giant with immediate effect.
The board of directors of Citigroup has unanimously elected Michael Corbat as the new CEO and a director of the board, the company said in a release.
The development comes a day after Citigroup reported an 88-per cent plunge in its net profit to $468 million in the July-September quarter.
Vikram Pandit, 55, the India-born CEO of Citigroup since December 2007, has the distinction of leading the US banking giant out of its financial mess in the wake of the US financial market crisis of 2007-08.
The board of directors of Citigroup today announced that Vikram Pandit has stepped down as the company's chief executive and as a member of the board, with immediate effect. The board also announced it has unanimously elected Michael Corbat as CEO and a director of the board.
Pandit said Citigroup has emerged from the financial crisis as a strong institution and ''now is the right time for someone else to take the helm at Citigroup.''