Board praised Vikram Pandit’s “leadership, integrity and
resilience in guiding Citi through the crisis and positioning it well
for the future.” Mike Corbat has “demonstrated outstanding leadership qualities…
[and] brings deep and varied operating experience across a broad
spectrum of the financial services industry,” Chairman Michael E.
O’Neill stated. “Citigroup is well-positioned for continued profitability and
growth, having refocused the franchise on the basics of banking,” Mr.
Pandit said. “The fundamentals we have in place today are solid, and we are on
the right path… Citi’s businesses, footprint and talent are unmatched,
and we will be relentless in our drive toward operating excellence and
risk management,” Mr. Corbat said.
The Board of Directors of Citigroup today announced that Vikram Pandit
has stepped down as the Company’s Chief Executive Officer and as a
member of the Board, effective immediately. The Board also announced it
has unanimously elected Michael Corbat CEO and a director of the Board.
Mr. Corbat previously served as Citigroup’s CEO of Europe, Middle East
and Africa.
Mr. Pandit said: “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.”
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.
“Mike Corbat has demonstrated outstanding leadership qualities and the
ability to sharpen our focus on achieving strong, sustained operating
performance,” Mr. O’Neill continued. “From his nearly three decades at
the Company he brings deep and varied operating experience across a
broad spectrum of the financial services industry. He has managed
numerous institutional businesses, including sales and trading, capital
markets, corporate and commercial banking, and such consumer businesses
as wealth management, mortgages and credit cards. During the financial
crisis, he successfully led the divestiture of more than 40 businesses,
helping to strengthen the Company’s balance sheet substantially. In this
role, he also restructured and rebuilt a number of the Company’s
consumer-facing businesses, including the mortgage and credit card
businesses.
“Mike is a proven, hands-on leader who is known for his focus on
enhancing productivity, holding people accountable and practicing sound
risk management. He has consistently delivered impressive bottom-line
results at many of our major global business units and has forged a
strong track record of improving efficiency and mitigating risk while
also optimizing the allocation of the Company’s capital,” Mr. O’Neill
concluded.
Mr. Corbat said: “Given the considerable progress we have made in recent
years, Citigroup possesses unique strengths to take on exciting
opportunities around the world. With unprecedented economic, regulatory
and political change, my top priority is to keep us focused on what our
clients need, both today and tomorrow. The Board and I firmly believe in
Citigroup’s future, and together are committed to delivering sustained
profitability and shareholder returns.
“The fundamentals we have in place today are solid, and we are on the
right path. In this dynamic market environment, however, we must
efficiently allocate our resources and offer the products with the
highest potential in the most productive markets. Citi’s businesses,
footprint and talent are unmatched, and we will be relentless in our
drive toward operating excellence and risk management. I look forward to
working with our talented management team and dedicated employees to
chart that future course.”
Mr. Corbat added: “I also wish to extend my personal appreciation to
Vikram for all he has achieved. Without his leadership, Citigroup would
not be so well positioned globally to tackle the challenges and
opportunities ahead of us.”
A short biography of Mr. Corbat is attached to this release.
President and COO John P. Havens also Resigns from Company
The Company further announced that President and Chief Operating
Officer, John P. Havens, who also served as CEO of Citi’s Institutional
Clients Group, has resigned. Mr. Havens said that he had already been
planning retirement from Citi at year-end but decided, in light of Mr.
Pandit’s resignation, to leave the Company at this time.
“Since joining Citigroup five years ago, John has served as a trusted
partner to our institutional clients, helping some of the largest
corporations and governments in the world navigate through one of the
most challenging financial markets in history. In the last two years he
has successfully taken on the additional role of overseeing Citigroup’s
operations, where he drove significant improvement and streamlining. We
wish him the best in the future,” Mr. O’Neill said.
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com
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About Michael Corbat, Chief Executive Officer, Citigroup
Michael L. Corbat is Chief Executive Officer of Citigroup, the world's
global bank, with approximately 200 million customer accounts and
activities in more than 160 countries and jurisdictions.
Mr. Corbat has been at Citi and its predecessor companies since his
graduation from Harvard University with a bachelor’s degree in economics
in 1983.
In his latest role as Citi’s CEO of Europe, Middle East and Africa since
the start of the year, he oversaw all of Citi’s business operations in
the region, including consumer banking, corporate and investment
banking, securities and trading and private banking services.
Previously, Mr. Corbat served as the CEO of Citi Holdings, Citi’s
portfolio of non-core businesses and assets. In this role, he oversaw
the divestiture of more than 40 businesses, including the IPO and sale
of Citi’s remaining stake in Primerica. Mr. Corbat also successfully
restructured Citi’s consumer finance and retail partner cards businesses
and divested more than $500 billion assets, reducing risk on the
Company’s balance sheet and freeing up capital to invest in Citi’s core
banking business.
Mr. Corbat also served as the CEO of Citi’s Global Wealth Management
unit. Prior to this, he was Head of the Global Corporate Bank and Global
Commercial Bank at Citi, a role in which he led the firm’s efforts to
provide best-in-class financial services to top-tier multi-national
corporations and financial institutions around the world. In his various
advisory and structuring roles, Mr. Corbat has successfully guided
retail and institutional clients across the spectrum of financial
services and significant challenges, from the bankruptcy of Orange
County, California, to sovereign debt restructurings in Latin America
and business restructurings in North America and Europe.
In addition, Mr. Corbat was the Head of Global Emerging Markets Debt,
responsible for the origination, trading and sales of emerging markets
fixed income debt. He also held a number of positions at Salomon
Brothers, one of Citi’s predecessor companies, including Managing
Director roles in Emerging Markets, High Yield and Derivatives.
