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UK based third largest bank Citigroup surprised with its today recent announcement that CEO Vikram Pandit has resigned his post also as a member of the board of directors.

The surprising announcement hit a day after publishing of third-quarter earnings by Citigroup as the company reported an 88 percent drop in earnings. The Bank has been facing financial crisis since 2008, the beginning of the Great Recession as after joining of Pandit his post in December 2007.

“Given the progress we have made in the last few years, I have concluded that now is the right time for someone else to take the helm at Citigroup, I could not be leaving the company in better hands,” Pandit told reports.

Citigroup board has selected Michael Corbat to succeed Pandit . Corbat has a record of achievement and leadership at the company as already experienced as CEO of bank of Europe, the Middle East and Africa.

On the same day, the Bank has also exited its President and chief operating officer, John Havens who had already planned to retire from the bank at the end of the year. But now he has left out from the bank due to Pandit’s resignation.

There is no detail to be committed from Citigroup side over the resigning of Citi COO Havens who deserved to be on top job in place of Corbat. Talking about Pandit’s resigning decision, Citi Chairman Michael O’Neill said, “The board and I are grateful to Vikram for his leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future.”

While on COO Havens, he added, “John has served as a trusted partner to our institutional clients, helping some of the largest corporations and governments in the world navigate through one of the most challenging financial markets in history.”