Citi's Pandit Quits Amid Board Clash |
| Wall Street Journal - Oct 16, 2012 |
Citigroup Inc. Chief Executive Vikram Pandit abruptly stepped down following a clash with the company's board over the bank's strategy and performance, according to people with knowledge of the bank.
Mr. Pandit, 55 years old, and his top aide, John Havens, 55, Citigroup's president and chief operating officer, resigned from the New York company Tuesday. The nation's third-largest bank by assets named Mike Corbat, 52, as Mr. Pandit's successor.
The news of Mr. Pandit's departure after five years atop the company came as a shock to Citigroup employees, including senior executives. Mr. Pandit had made clear to executives and directors that he intended to stay on as chief executive for several more years, until a turnaround that focused on the bank's extensive international operations took full hold.
"We respect Vikram's decision," Chairman Michael E. O'Neill said. "Since his appointment at the start of the financial crisis until the present time, Vikram has restructured and recapitalized the company, strengthened our global franchise and refocused the business."
Read Full Article from Wall Street Journal
- Posted: 2012-10-16 13:51:00
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
