Citigroup’s Board of Directors has confirmed that Vikram Pandit has stepped down from the position of Chief Executive Officer and member of the Board.

 

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. I could not be leaving the Company in better hands,” Mr Pandit said.

 

The company’s Board has announced it has unanimously elected Michael Corbat as CEO and director, having previously served as CEO of Europe, Middle East and Africa.

 

“Mike is the right person to tackle the difficult challenges ahead, with a 29-year record of achievement and leadership at this Company. I will truly miss the wonderful people throughout this organization. But I know that together with Mike they will continue to build on the progress we have made,” Mr Pandit said.

 

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.”