Vikram Pandit quits Citigroup; Michael Corbat named successor

Citigroup CEO Vikram Pandit today stepped down from his post and member of the US banking giant’s Board.

The Board of Directors has unanimously elected Michael Corbat, CEO and a director of the Board, the company said.

The development comes a day after the India born CEO-led the US banking giant reported 88 per cent plunge in net profit at $ 468 million in the July-September quarter.

Nagpur-born Columbia University graduate Pandit, 55, had been the CEO of Citigroup since December, 2007.

Pandit said Citigroup has emerged from the financial crisis as a strong institution and “now is the right time for someone else to take the helm at Citigroup.”

"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 basics of banking.

“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,” Pandit said in a statement.

He added that he is leaving the company in better hands.

Corbat is the “right person” to tackle the difficult challenges ahead, with a 29-year record of achievement and leadership at this Company, he said.

“I will truly miss the wonderful people throughout this organisation. But I know that together with Mike, they will continue to build on the progress we have made,” he added.

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