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Top 5 shocking resignations of the business world

As news of Pope Benedict XVI's resignation sends shock waves across the world, Kipp takes a look at five other resignations which had similar effect on the business world.

February 12, 2013 11:47 by

  • When Vikram Pandit stepped down as CEO of Citigroup in October last year, Wall Street was in a state of shock at the rather sudden move. Investigations from The New York Times revealed later that Pandit was forced out by Citi's new chairman Michael O'Neill.

  • In April 2011, Steve Jobs resigned as chief executive of Apple Inc causing shares to drop as much as seven percent on the day he announced his resignation. Although Jobs' deteriorating health was no surprise, his resignation did make considerable waves.

  • In January 2010, Dubai World announced the resignation of David Jackson, CEO of Istithmar World. Resignations of Dubai's real estate bigwigs were widespread during the crash, but the ending of Jackson's seven year stint at Istithmar did come as something of a shocker.

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  • When Greg Smith, Vice President at Goldman Sachs Goldman Sachs resigned, he chose to do so with a very public and scathing resignation published in The New York Times, titled "Why I Am Leaving Goldman Sachs." His letter, which eventually turned in a book deal, was descriptive and unforgiving. Here is a short extract from the letter: "It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail."

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  • After a 28 year long career, Fifa Vice President, Jack Warner resigned from the body. Though he wasn't found guilty, Warner was at the center of an election bribery scandal at the time of his resignation.

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