Citigroup (C) Down 2.5% on News CEO Pandit to Step Down

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Go back to Citigroup (C) Down 2.5% on News CEO Pandit to Step Down

Citi (C) CEO Pandit Steps Down

October 16, 2012 8:10 AM EDT

The Board of Directors of Citigroup today announced that Vikram Pandit has stepped down as the Companys Chief Executive Officer and as a member of the Board, effective immediately. The Board also announced it has unanimously elected Michael Corbat CEO and a director of the Board. Mr. Corbat previously served as Citigroups CEO of Europe, Middle East and Africa.

Mr. Pandit said: Thanks to the dedication and sacrifice of people across Citigroup, we have emerged from the financial crisis as a strong institution. Citigroup is well-positioned for continued profitability and growth, having refocused the franchise on the... More