By Dan Primack
October 16, 2012

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:

[cnnmoney-video vid=/video/news/2011/10/12/n_vikram_pandit_protesters.fortune]

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