10/16/2012 09:31 EDT

Vikram Pandit Resigns: Citigroup CEO To Be Replaced By Michael Corbat

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NEW YORK, NY - OCTOBER 12: CEO of Citigroup Vikram Pandit speaks during the FORTUNE Breakfast & Conversation with Vikram Pandit, CEO, Citigroup at TIME Building on October 12, 2011 in New York City. (Photo by Jemal Countess/Getty Images for TIME Inc.)

Vikram Pandit is resigning as CEO of Citigroup, the company announced in a press release Tuesday. He will be replaced by Michael Corbat, previously the bank's CEO of Europe, Middle East and Africa.

The company's Chief Operating Officer John P. Haven is also stepping down, according to the release.

More from the Associated Press:

NEW YORK — Vikram Pandit stepped down as CEO of Citigroup Tuesday after steering the bank through the choppy years following the 2008 financial crisis.

Pandit's replacement as CEO is Michael Corbat, the current CEO of Citigroup's Europe, Middle East and Africa division, the bank said. The change is effectively immediately. Pandit will also relinquish his seat on Citi's board of directors.

Corbat has worked at Citigroup and its predecessors since he graduated from Harvard in 1983, the company said.

A second top executive also resigned as part of the shake-up: President and Chief Operating Officer John Havens, who also serves as CEO of Citi's Institutional Client Group.

Pandit said in a statement that "now is the right time for someone else to take the helm at Citigroup" after the bank "emerged from the financial crisis as a strong institution."

Pandit's full statement via Businesswire:

“Thanks to the dedication and sacrifice of people across Citigroup, we have emerged from the financial crisis as a strong institution. Citigroup is well-positioned for continued profitability and growth, having refocused the franchise on the basics of banking. 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. 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.”

This is a developing story, check back for updates.

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