VIDEO: Vikram Pandit steps down as Citi Group CEO
Citigroup Inc. (C) Chief Executive Officer Vikram Pandit, who led the bank through its government rescue, stepped down and will be replaced by Michael Corbat. The bank slid in early trading.
President and Chief Operating Officer John P. Havens, 56, also resigned, the New York-based bank said today in a statement. Corbat, who led Citigroup in Europe, the Middle East and Africa, takes the helm immediately as Pandit, 55, leaves the board, according to the statement.
The departures remove a leadership team that navigated Citigroup through 2008’s global credit crisis, when taxpayers rescued the bank from collapse with a $45 billion bailout. Pandit has been challenged this year as Citigroup’s plan to boost payouts to investors was rejected by regulators and as shareholders voted against his compensation plan. Click below for full story -
IMAGE: AP
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