Muckety
 
 
 
 
 

Pandit resigns as Citigroup CEO

By Laurie Bennett

October 16, 2012 at 8:01am

Citigroup announced Tuesday that Vikram Pandit has resigned as chief executive.

He will be succeeded by Michael Corbat, who was Citigroup’s CEO of Europe, Middle East and Africa.

Pandit was named CEO in December 2007, before the financial crisis. Citigroup paid $800 million that year to acquire his hedge fund, Old Lane. His resignation was unexpected, following favorable third-quarter earnings.

Vikram Pandit
Vikram Pandit

“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.

Reuters, however, reported that Pandit quit after months of tensions with Chairman Michael O’Neill. The two disagreed on issues such as compensation and the responsibilities of President and COO John Havens.

Havens also stepped down, saying he had been planning retirement at the year’s end.

Follow Muckety on Twitter Tweet This! Share on Facebook

Click here to sign up for the Muckety Newsletter

This post is tagged with: ,
 Read related stories: Business · Recent Stories  

0 Comments

  • There are no comments yet, be the first by filling in the form below.

Leave a Comment

The relationship map to the left is interactive.
• Solid lines are current relations. Dotted lines are former relations.
• Expand items with + signs by double-clicking or by selecting multiple items in the map and pressing the "e" key.
• Move an item in the map by clicking and dragging.
• You can also delete items, separate boxes and save maps. Right-click on the map or select Map Tools for these options.
• Find out more about an item in the map by right-clicking on the item and choosing Information about...
• View map color key.
• This interactive map requires Flash player.


Become a fan of Muckety on Facebook

  • Search for stories
      
    Special Features

Follow Muckety on Twitter Follow Muckety on Twitter
Muckety has no direct connection to most of the people or organizations listed on these pages.
We are unable to forward personal messages or provide personal contact information.
We make every effort at Muckety to ensure that our data is correct and timely. However, relationships are in constant flux and we cannot guarantee accuracy. If you come across incorrect or outdated information, please let us know by email.
© 2017 Muckety LLC