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Pandit out at Citi

October 16, 2012: 8:23 AM ET

Vikram Pandit's surprise departure from Citigroup.

FORTUNE -- Here's the lead from today's NY Post story on Citigroup's third quarter earnings:

After five years of languishing in the doghouse, Citigroup's boss, Vikram Pandit, may be enjoying a stint in the sun.

Maybe they meant he would be riding into the sunset...

Citi (C) this morning announced that Pandit has stepped down as CEO and a member of the Citi board, effective immediately. He will be be replaced by Michael Corbat, who previously ran the bank's European, Africa and Middle East operations.

Citi president and chief operating officer John Havens also resigned. According to an official statement, Havens had been planning to resign anyway at year-end, but chose to accelerate his departure given Pandit's decision.

Speaking of that decision, no word yet on how voluntary this was. After all, it doesn't seem like anybody saw this coming. More to come later today...

In the meantime, here's some video of Pandit sitting down with Fortune editor Andy Serwer one year ago this week:

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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