Citigroup CEO Vikram Pandit Steps Down

Andrey Rudakov/Bloomberg via Getty Images(NEW YORK) -- The nation's third-largest bank is under new management after its CEO unexpectedly quit on Tuesday.  

Vikram Pandit stepped down one day after Citigroup reported strong quarterly earnings, saying in a statement "now is the right time for someone else to take the helm."

Pandit was scorned after Citigroup's $45 billion bailout in 2008, but more recently praised for removing the bank from government ownership.

Still, shareholders earlier this year rejected his $15 million pay package.

Michael Corbat, who previously headed the company's Europe, Middle East and Africa divisions, has been tapped to fill Pandit's position.

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