Citigroup to pay Pandit, Havens more than $15 mln each

Sat Nov 10, 2012 5:06am IST

Citigroup's CEO Vikram Pandit gives an interview on the floor of the New York Stock Exchange June 18, 2012. REUTERS/Brendan McDermid/Files

Citigroup's CEO Vikram Pandit gives an interview on the floor of the New York Stock Exchange June 18, 2012.

Credit: Reuters/Brendan McDermid/Files

Related Topics

Stocks

   

REUTERS - Former Citigroup Inc CEO Vikram Pandit, who resigned last month under pressure from company directors, and former chief operating officer John Havens will receive more than $15 million each, the company said on Friday.

The sums were disclosed in a filing with the Securities and Exchange Commission.

The amounts were set in written agreements reached with the Pandit and Havens earlier in the day.

"Vikram and John made significant contributions to Citi during their five years of service," Citigroup Chairman Michael O'Neill said in statement included in the filing.

O'Neill said directors decided that it was fair for the men to receive incentive pay for the progress made in 2012. "While Citi will also honor all past awards that they are legally entitled to, there are no severance payments. Awards to which they are not legally entitled have been forfeited," he said.

For Pandit, the payments include $6.65 million for incentive pay for work in 2012 and deferred stock and cash incentive awards valued at $8.83 million for 2011, according to the filing.

Havens' payments include $6.79 million for 2012 and $8.73 million worth of deferred stock and cash incentive awards for work in 2011 and 2008.

The men will receive 40 percent of their 2012 payments immediately in cash, with the rest paid in installments stretching to January 2017. (Reporting by David Henry in New York; Editing by Gary Hill and Marguerita Choy)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Jaitley's Health

Jaitley's Health

Finance minister back in hospital for check-up.  Full Article 

Modi's U.S. Visit

Modi's U.S. Visit

Modi to observe strict fast during maiden trip to U.S.  Full Article 

Mangalyaan

Mangalyaan

India's Mars mission a step closer to success with engine test  Full Article 

Shortage of Coal

Shortage of Coal

Coal import rush leads to port congestion  Full Article 

Alibaba IPO

Alibaba IPO

IPO ranks as world's biggest after additional shares sold   Full Article 

Bumper Sales

Bumper Sales

Apple sells more than 10 mln new iPhones in first three days  Full Article 

Asian Games 2014

Asian Games 2014

Full coverage of the 17th Asian Games as Incheon.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage