The Board of Directors of Citigroup announced yesterday that Vikram Pandit has stepped down as the Company’s Chief Executive Officer and as a member of the Board, effective immediately. The Board also announced it has unanimously elected Michael Corbat CEO and a director of the Board. Mr. Corbat previously served as Citigroup’s CEO of Europe, Middle East and Africa.
Michael E. O’Neill, Chairman of the Citigroup Board of Directors, said: “We respect Vikram’s decision. 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 re-focused the business. The Board and I are grateful to Vikram for his leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future. We wish him all the best with the next stage in his career.
“Mike Corbat has demonstrated outstanding leadership qualities and the ability to sharpen our focus on achieving strong, sustained operating performance,” Mr. O’Neill continued. “From his nearly three decades at the Company he brings deep and varied operating experience across a broad spectrum of the financial services industry. He has managed numerous institutional businesses, including sales and trading, capital markets, corporate and commercial banking, and such consumer businesses as wealth management, mortgages and credit cards. During the financial crisis, he successfully led the divestiture of more than 40 businesses, helping to strengthen the Company’s balance sheet substantially. In this role, he also restructured and rebuilt a number of the Company’s consumer-facing businesses, including the mortgage and credit card businesses.
Mr. Corbat said: “Given the considerable progress we have made in recent years, Citigroup possesses unique strengths to take on exciting opportunities around the world. With unprecedented economic, regulatory and political change, my top priority is to keep us focused on what our clients need, both today and tomorrow. The Board and I firmly believe in Citigroup’s future, and together are committed to delivering sustained profitability and shareholder returns.
“The fundamentals we have in place today are solid, and we are on the right path. In this dynamic market environment, however, we must efficiently allocate our resources and offer the products with the highest potential in the most productive markets. Citi’s businesses, footprint and talent are unmatched, and we will be relentless in our drive toward operating excellence and risk management. I look forward to working with our talented management team and dedicated employees to chart that future course.”
Read the full Citigroup press release.