Citigroup CEO Resigns

    NEW YORK, NY - JUNE 18:  Citigroup's CEO Vikram Pandit pauses on the floor of the New York Stock Exchange on June 18, 2012 in New York City. After early gains in world markets due to the Greek voters rejecting the leftist anti austerity party, the Dow Jones industrial average dell 52 points, or 0.4%. in morning trading.  (Photo by Spencer Platt/Getty Images)

    Spencer Platt / Getty Images

    This does not sound like a good day at Citigroup. Chief executive officer Vikram Pandit resigned, effective immediately, early Tuesday, as did president and chief operating officer John Havens. Shares of Citigroup fell in pre-market trading on the news. The board of directors praised Pandit’s “leadership” but immediately appointed Michael Corbat as CEO. Sources told the Wall Street Journal that Pandit resigned following a clash with the company's board over strategy and operating performance. Pandit’s resignation comes just one day after the firm reported third-quarter earnings above what had been expected.

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