Citigroup Inc’s Vikram Pandit on Tuesday stepped down as the Chief Executive Officer and member of the board, a decision that shocked Wall Street and took the bank’s investors by surprise.
Pandit, who steered the US banking giant through the 2008 global economic crisis and the turbulent phase after that, will be stepping down from his position with immediate effect, Citigroup said. “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,” a statement from Citigroup said quoting Pandit.
Michael Corbat has been appointed as the new CEO.