Citigroup CEO Vikram Pandit resigned Tuesday after five years with the company.

Pandit will also give up his seat on Citi's board of directors.

Citigroup President and Chief Operating Officer John Havens also resigned.

The resignations came a day after the bank reported strong third-quarter earnings.

Citigroup offered no explanation for either man's departure.

In a statement, Pandit said now is the right time for someone else to take over the company, following the financial crisis.

Citigroup is the country's third largest bank.

Pandit is being replaced by Michael Corbat, the current CEO of Citigroup's Europe, Middle East, and Africa division.