Story updated with comments from the Chairman and new CEO from analyst call.NEW YORK ( TheStreet) -- Citigroup ( C) shareholders have more than a few questions after the sudden resignations of CEO Vikram Pandit and COO John Havens. A Citigroup conference call with Chairman Michael E. O'Neill and newly minted CEO Michael Corbat late Tuesday did little to squash the
So, to sum up the Citi call, Citi is totally fine & won't change a thing, but Vikram decided to resign overnight & we said cool. $C— Mark Gongloff (@markgongloff) October 16, 2012
"Vikram submitted his letter of resignation and we accepted it." $C Chairman Mike O'Neil on conf call when asked: Why change CEO now?— Adam Johnson (@AJInsight) October 16, 2012
DIM BULB: How one says that a CEO who presided over a Co w/ a stock price down 89% during his/her tenure did a "good job" is beyond me. $C— Legacy Trades (@Legacy_Trades) October 16, 2012Also, while critics have complained that Pandit should have stayed on to manage the company's transition to a new CEO, O'Neill said the timing was "fortuitous." Corbat takes over at a time when the bank is going through three critical processes- budget planning, updating a three-year plan and submitting a request for capital approval with the Fed. It was critical that he be part of the process and set targets in order to be held accountable in the future, O'Neill said. Given the timing of his takeover then, it would not be too presumptuous to assume that there will be changes.