[ by Melanie Gretchen ]

Michael Corbat is not just the CEO of Citigroup.  In fact, the former head of Europe, the Middle East and Africa operations also occupies the newly created position of "awkward executive in chief;"  he acquired this designation following the forced resignation of CEO Vikram Pandit and Citi president John Havens.

Mr. Corbat's view from the top can't be a pleasant experience.  Days before Vikram Pandit was forced to resign, Mr. Corbat joined him at last month's IMF and World Bank conference in Tokyo.  By that point, Citi Chairman Mike O'Neill had told Mr. Corbat that the board could seek Mr. Pandit's resignation as chief executive and give the job to him, according to people familiar with the situation.  Not only did John Havens vacation with Mr. Corbat and their wives, but Mr. Havens was directly responsible for having promoted Mr. Havens for his current position.

Besides the board's abrupt handling of the departures, which stunned employees, Mr. Corbat, 52, has to face regulator scrutiny, shareholder pressure for a breakup, and industry criticism of the bank as "too big to fail."  So far, the new CEO has spent the past few weeks holed up at Citigroup's Midtown headquarters working through the 2013 budget.  In addition, he with Mr. O'Neill have reached out to a handful of senior executives to gauge their interest in filling some or all of Mr. Havens' prior duties, to prevent their departure.

[C-I Note: Is that enough, or could the board instigate another round of forced departures?  Will Mr. Corbat be up to the challenge the way he rose up the corporate ladder?  Many people hope so.]

For further details, go to [WSJ, 11/15/12].