A screen grab of the Citigroup stock price under Vikram Pandit since 2007. (
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In a surprising shakeup, Vikram Pandit is out as head of Citigroup.
The chief executive, who led the beleaguered bank for five years, will be replaced by veteran staffer Michael Corbat, effective immediately, the bank said in a statement today.
NEW CITI CEO HAS REP FOR CLEANING UP BANK’S MESSES
“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,” said Pandit, who is also stepping down from the bank’s board.
“Mike is the right person to tackle the difficult challenges ahead,” he added.
Sources believe Pandit’s sudden exit was a choice made by the board to go in a different direction after years of stagnant results.
President and Chief Operating Officer John Havens also resigned. Havens was one of Pandit’s top lieutenants and hailed from Morgan Stanley along with Pandit.
The stunning moves come a day after Citi — long considered the weakest of the bunch on Wall Street—reported earnings that most analysts considered relatively strong, sending the shares up more than 5 percent.
The shares rose 1.24 percent to $37.11 on the news today of Pandit’s resignation.
mark.decambre@nypost.com