Citigroup tapped Michael Corbat as its new CEO after Vikram Pandit announced Tuesday that he is stepping down from the helm of the investment bank. Corbat was formerly the chief executive of Citi’s Europe, Middle East, and Africa division.
President and Chief Operating Officer John Havens also resigned.
After finishing 5.5 percent higher Monday, shares of Citigroup were lower in pre-market trading following the announcement.
Pandit also resigned from the bank’s board of directors, effectively immediately. “Citigroup is well-positioned for continued profitability and growth, having refocused the franchise on the basics of banking,” Pandit said. . .