2012-10-19wsj.com

Mr. Pandit, 55 years old, departed following a clash with the board over strategy and performance, according to senior bank executives and advisers. Citigroup, the nation's third-largest bank by assets, named Citigroup veteran Michael Corbat, 52, as Mr. Pandit's successor.

Mr. Pandit's resignation came after a series of missteps this year left some directors feeling that the company wasn't being managed effectively and that the board wasn't kept adequately informed, according to the people. Citigroup shares dropped 89% over Mr. Pandit's tenure, and the company was hit this year by a shareholder revolt over executive pay, by the Federal Reserve's rejection of its plan to buy back stock and by a $2.9 billion write-down of a brokerage joint venture with Morgan Stanley.


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