Citigroup CEO Vikram Pandit resigns

Citigroup Inc Chief Executive Vikram Pandit has resigned effectively immediately, the company said on Tuesday in a statement from Chairman Michael O'Neill.

Michael Corbat, previously chief executive for Europe, Middle East and Africa, was named to replace Pandit, the statement said.

Chief Operating Officer John Havens, a long-time associate of Pandit, also resigned.

Corbat has "demonstrated outstanding leadership qualities (and) brings deep and varied operating experience across a broad spectrum of the financial services industry," O'Neill stated.

Shares were down 1.8 percent to $36 in premarket trading.

Following are initial reactions of analysts and investors:

PETER JANKOVSKIS, CO-CHIEF INVESTMENT OFFICER AT OAKBROOK INVESTMENTS LLC, LISLE, ILLINOIS

"Interesting, and after the stock reported pretty good numbers yesterday, I'm surprised.

"It does seem strange to me that someone would step away after reporting better-than-expected numbers and certainly do a lot to reconfigure the company for going forward. I would have expected he wanted to stay around and see some of the fruits of his labors there."

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