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.
“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.