New York, N.Y., USA - October 17, 2012, New York, N.Y., USA - Citigroup announced that CEO Vikram Pandit and COO John P. Havens stepped down, and that Michael L. Corbat has been named chief executive officer, effective immediately.
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Mr. Pandit joined Morgan Stanley in 1983 and rose to the post of President and Chief Operating Officer of the company's institutional securities and investment banking businesses.
He left Morgan Stanley to become a founding member and chairman of the members committee of Old Lane, LP. When Old Lane was acquired by Citi in 2007, Mr. Pandit became Chairman and CEO of Citi Alternative Investments.
He later led Citi's Institutional Clients Group, and in 2007 was named Citi's CEO.
Mr. Pandit earned his B.S. and M.S. degrees in engineering and Ph.D. in finance from the Columbia University.
Mr. Corbat previously served as Citigroup’s CEO of Europe, Middle East and Africa. He has been at Citi and its predecessor companies since his graduation from Harvard University with a bachelor’s degree in economics in 1983.
Previously, Mr. Corbat served as the CEO of Citi Holdings, Citi’s portfolio of non-core businesses and assets.
In this role, he oversaw the divestiture of more than 40 businesses, including the IPO and sale of Citi’s remaining stake in Primerica. He also served as the CEO of Citi’s Global Wealth Management unit.
Prior to this, he was Head of the Global Corporate Bank and Global Commercial Bank at Citi.
Mr. Corbat was also the Head of Global Emerging Markets Debt, responsible for the origination, trading and sales of emerging markets fixed income debt. He also held a number of positions at Salomon Brothers, one of Citi’s predecessor companies, including Managing Director roles in Emerging Markets, High Yield and Derivatives.
Mr. Havens served two years as President and Chief Operating Officer of Citigroup. He was also CEO of Citi's Institutional Clients Group (ICG), the institutional division of Citigroup Inc.
Mr. Havens was previously CEO of Citi Alternative Investments, where he remains Chairman. Prior to joining CAI, he was a founder and Partner of Old Lane, LP, a multi-strategy hedge fund and private equity fund manager that was acquired by Citi in 2007.
Before forming Old Lane in 2005, Mr. Havens was Head of Institutional Equity at Morgan Stanley and a member of the firm's Management Committee.
In his 19-year career at Morgan Stanley, Mr. Havens held several positions of increasing authority and served on the new product, risk, and capital allocation committees.
Mr. Havens has served on many NYSE committees over the years and just ended a term as a Director of the NASDAQ market. ■