Citigroup CEO Resigns

YIKES

Updated Apr. 21, 2017 3:22PM EDT / Published Oct. 16, 2012 10:24AM EDT

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This does not sound like a good day at Citigroup. Chief executive officer Vikram Pandit resigned, effective immediately, early Tuesday, as did president and chief operating officer John Havens. Shares of Citigroup fell in pre-market trading on the news. The board of directors praised Pandit’s “leadership” but immediately appointed Michael Corbat as CEO. Sources told the Wall Street Journal that Pandit resigned following a clash with the company's board over strategy and operating performance. Pandit’s resignation comes just one day after the firm reported third-quarter earnings above what had been expected.

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Citigroup CEO Resigns

Spencer Platt / Getty Images