FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
October 16, 2012
Board of Directors Elects Michael Corbat as CEO
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.
New York - 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.
|