The board of directors of Citigroup announced that Vikram Pandit has stepped down as the company’s chief executive officer and as a member of the board, effective immediately. The board also announced it has unanimously elected Michael Corbat CEO and a director of the board. Corbat previously served as Citigroup’s CEO of Europe, Middle East and Africa.

The company further announced that president and chief operating officer, John P. Havens, who also served as CEO of Citi’s Institutional Clients Group, has resigned. Havens said that he had already been planning retirement from Citi at year-end but decided, in light of Pandit’s resignation, to leave the company at this time.

The board praised Vikram Pandit’s “leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future.”

Corbat has “demonstrated outstanding leadership qualities … [and] brings deep and varied operating experience across a broad spectrum of the financial services industry,” chairman Michael E. O’Neill stated.

“Citigroup is well-positioned for continued profitability and growth, having refocused the franchise on the basics of banking,” Pandit said.

“The fundamentals we have in place today are solid, and we are on the right path … Citi’s businesses, footprint and talent are unmatched, and we will be relentless in our drive toward operating excellence and risk management,” Corbat said.

To read the full Citigroup news release, click here.