It was announced on Tuesday that Citigroup's (NYSE:C) CEO, Vikram Pandit, has resigned his position, effectively immediately. Fool contributor John Maxfield discusses what led to his departure, and what it means for Citigroup's shareholders going forward.

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John Maxfield owns shares of Bank of America. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Motley Fool newsletter services recommend Wells Fargo. 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.