The chief executive of Citigroup, one of the world's largest financial institutions, has unexpectedly resigned.
Vikram Pandit, 55, who led the New York-based bank for the past five years, stepped down a day after Citigroup reported stronger-than-expected profits for the July-to-September period. Citigroup named Michael Corbat, who has overseen the bank's operations in Europe, the Middle East and Africa, as its new chief executive officer.
Pandit, an immigrant from India who was paid $261 million during his tenure, oversaw Citigroup during some of the world's most turbulent economic times. The U.S. handed Citigroup a $45-billion bailout to keep it from collapsing, and the bank has repaid the loan. Regulators rejected his plan to increase payouts to investors, however, while shareholders voted down his pay package. It remains 89 percent below the level from when Pandit took over.
The move also followed a clash with the company's board over strategy and performance at businesses, including its institutional clients group,The Wall Street Journal reported.