Citigroup Names New CEO As Vikram Pandit Steps Down

Source: Maureen Farrell / CNN Money

NEW YORK – Just one day after Citigroup wowed Wall Street with solid third-quarter earnings, CEO Vikram Pandit is stepping down, ending his tumultuous five-year reign atop what’s been deemed the world’s financial supermarket.

Citigroup’s President and COO John Havens also resigned.

Citigroup’s board of directors appointed Michael Corbat, who headed the bank’s operations in Europe, the Middle East, and Africa, as the bank’s new CEO.

Shares of Citigroup (C, Fortune 500) dropped more than 3% in premarket trading Tuesday following the surprising shakeup at the top.

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