<p>Citigroup Inc Chief Executive Vikram Pandit resigned abruptly on Tuesday (October 16), effective immediately, shocking Wall Street.<br /><br />Pandit resigned from Citigroup, the No. 3 U.S. bank, just one day after a surprisingly strong quarterly earnings report.<br /><br />Analysts and investors quickly raised red flags about the timing, saying it did not appear to be a natural transition and rather suggested some sort of dispute at the bank.<br /><br />But Citigroup shares rose 1.5 percent in morning trading as some investors said they were not sorry to see the one-time hedge fund executive leave.<br /><br />A statement from Chairman Michael O'Neill said Michael Corbat, previously chief executive for Europe, Middle East and Africa, would succeed Pandit as CEO and as a board member.<br /><br />Chief Operating Officer John Havens, a long-time associate of Pandit, also resigned.<br /><br />Pandit's successor, Corbat, has held a number of senior roles at Citigroup, including running Citi Holdings, the unit established to house businesses and assets the company wants to shed.</p>
