The chairman and the new chief executive of Citigroup Inc said they will stick with the company's current strategy and business lines following the sudden resignation of Vikram Pandit as CEO on Tuesday.
Chairman Michael O'Neill said in a conference call with stock analysts after the markets closed that Pandit's departure was not related to any "strategic, regulatory or operating issue."
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Pressed by analysts to explain what had changed overnight since Pandit spoke to them about third-quarter results on Monday, O'Neill said ... "Well what happened is that Vikram submitted his resignation and that we accepted it."
O'Neill said the directors have been working for two years to be prepared "if something like this happened." He said Corbat had been interviewed and had known for "quite some time" that he was a possible successor.
Mike Corbat, who was named to replace Pandit, said he is looking forward "to continuing what Vikram started."
Since Pandit became CEO in December 2007 in the thick of the financial crisis, Citigroup has set out to pare down its pile of troubled assets and then focus on businesses and consumers in cities in emerging markets to grow.
(Reporting by David Henry in New York and Rick Rothacker in Charlotte, North Carolina. Additional reporting by Sam Forgione; Editing by Bernard Orr)