Citigroup CEO steps down despite recent company gains

Citigroup’s CEO Vikran Pandit has announced that he will be stepping down from his position after serving in it for five years. He will be replaced by Michael Corbat, who has worked for Citigroup for 29 years. This comes as a surprise to many since Citigroup recently had a particularly strong financial quarterly report. The resignation comes in the wake of Citigroup shareholders voting against Pandit’s 15$ million pay package. Pandit’s salary has been a point of contention between shareholders and the company’s board of directors for some time. The price of Citigroup stock actually increased  in the wake of Pandit announcing his resignation.