Citigroup CEO Vikram Pandit Steps Down
Published at | Updated at(NEW YORK) — The nation’s third-largest bank is under new management after its CEO unexpectedly quit on Tuesday.
Vikram Pandit stepped down one day after Citigroup reported strong quarterly earnings, saying in a statement “now is the right time for someone else to take the helm.”
Pandit was scorned after Citigroup’s $45 billion bailout in 2008, but more recently praised for removing the bank from government ownership.
Still, shareholders earlier this year rejected his $15 million pay package.
Michael Corbat, who previously headed the company’s Europe, Middle East and Africa divisions, has been tapped to fill Pandit’s position.
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