Vikram Pandit is resigning as CEO of Citigroup, the company announced in a press release Tuesday. He will be replaced by Michael Corbat, previously the bank's CEO of Europe, Middle East and Africa.
The company's Chief Operating Officer John P. Haven is also stepping down, according to the release.
The change is effective immediately. The bank offered no explanation for the sudden departure of its two top executives.
I'm betting they are walking away with hefty severance packages so Citi doesn't have to disclose fraudulant practices.