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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