The much-storied Citigroup global CEO Vikram Pandit has stepped down a day after the company’s quarterly profit plunged on account of a $4.7 billion bad investment in a brokerage run by Morgan Stanley. Besides, John P. Havens, President and COO, has also stepped down.
India-born Pandit had taken charge as CEO in December 2007 and navigated Citigroup through tough times like the US sub-prime crisis. His rise to the Citigroup corner office was widely believed to be a living symbol of Indian CEOs' global success.
Michael Corbat, previously CEO for Europe, Middle East and Africa, will be the new global CEO. The board praised Mr. Pandit’s leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future.