Pandit Steps Down as Citigroup CEO

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Citigroup (NYSE: C  ) announced the departure of two of its recession-weathered leaders yesterday. CEO Vikram Pandit has stepped down from his post after five years of leadership, along with Board President and COO John Havens. 

In a unanimous vote, the Citigroup Board tapped Michael Corbat as the corporation's next CEO. Corbat has been with the company since 1983, and most recently served as Citi's CEO of Europe, Middle East, and Africa. 

In a company press release, Pandit praised the "dedication and sacrifice" of people across Citigroup. "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," he is quoted as saying.

In the press release, Chairman Michael O'Neill said, "We respect Vikram's decision ... We wish him all the best with the next stage in his career." Looking forward, O'Neill notes that Corbat's "deep and varied operating experience" across divisions and economic climates will serve the company well in the coming years. 

According to the company, Havens had been planning to retire from Citi at year's end but Pandit's resignation bumped up that timeframe.

The announcement comes just one day after Citi released its Q3 earnings report, beating Wall Street's estimates on loan loss reserves, expenses, and its global consumer banking division. 

Justin Loiseau has no positions in the stocks mentioned above. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.

The Motley Fool owns shares of Citigroup Inc. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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9/29/2016 4:00 PM
C $45.80 Down -1.07 +0.00%
Citigroup CAPS Rating: ***