Citigroup CEO Pandit quits, shocking Wall Street

Citigroup shocked Wall Street Tuesday with news of the immediate resignation of chief executive Vikram Pandit and his top aide a day after the number-three US bank posted quarterly earnings.

Citi’s board unanimously elected Michael Corbat, head of the Europe, Middle East and Africa division, to succeed Pandit as CEO and fill his seat on the board, the bank said.

“Abrupt CEO exits such as this tend to come from a place of conflict,” said John Challenger, CEO of Challenger, Gray & Christmas, Inc., the international outplacement firm.

via Business feed http://www.scmp.com/business/banking-finance/article/1062855/citigroup-ceo-pandit-quits-shocking-wall-street