Photo: Getty Images/Jason Kempin/Staff
Everyone on Wall Street was absolutely stunned today when Vikram Pandit dropped the bombshell news that he was resigning as CEO of Citigroup effective immediately.President and COO John P. Havens also stepped down.
Michael Corbat, a former Harvard football player who previously headed Citi’s Europe, Middle East and Africa business, was named the new CEO.
Corbat hosted a conference call with analysts this afternoon.
One question that came up is whether he’s ready for the CEO role or needs to get up to speed.
Corbat said he’s ready.
“I think I’m fortunate in a couple of respects. I’ve been here at the firm for 29-and-a-half years and I have also been fortunate in those years I’ve spent time in probably most every major division. I’ve spent time abroad. I think I’ve got a pretty good understanding of where and how the firm works and so I think I come to the table with the benefit of that,” he said.
This was addressed on the call as well.
“Contrary to speculation, no strategic, regulatory or operating issues precipitated his resignation. Nor is there another shoe to drop and certainly there is no issue of conduct or ethics. Vikram is a person of impeccable integrity,” Citi chairman Michael O’Neill said on a conference call with analysts.
We were on the call and have included highlights below.