Comments /364 Views / Tuesday, 13 November 2012 00:00
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.
25 May 2015
I came across an interesting and insightful book entitled ‘A World Gone Social’. The authors Ted Coine and Mark Babbit take us through an important journey by discussing how we have transitioned from the industrial...
25 May 2015
A parable from accounting teachers Accounting teachers are used to relating a story to their students when they are introduced to the concept of profit in an organisation. The objective is to show them that ultimate profits of a bu...
23 May 2015
Baburaj, Abhayadev and P. Leela in an undated recording session I was pleasantly surprised this week when a South Indian journal asked me to revise an article I had written earlier about the sin...
23 May 2015
At long last the Football Federation of Sri Lanka will go into an election to pick its new Executive Committee. This is a result of the 02+02 year limitation of office which precludes the incumbent President and many of the football...