Home / / Citigroup to pay Pandit, Havens more than $ 15 m each

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


Comments / 381 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.


Share This Article


COMMENTS

Today's Columnists

Steamrolling of Central Bank by Minister of Finance: An unsavoury development?

23 January 2017

An unsavoury rift between the Central Bank and Minister of Finance A growing rift between Finance Minister Ravi Karunanayake and the senior management of the Central Bank is surfacing now, worrying both financial markets and prospective fo...


Sustainability: How that translates to agriculture

23 January 2017

Once cultivated, traditional paddy that is grown organically will establish its own markets based on the consumer demand   For the longest time the word “sustainable agriculture” was a catch phrase only. I...


Yahapalanaya lapses – Is Mahinda the option for Muslims?

21 January 2017

Former Minister, Speaker and Premadasa/Rajapaksa loyalist and National List nominee Parliamentarian A.H.M. Azwer along with a few other Muslim Mahinda diehards claim that Yahapalanaya under President Maithripala Sirisena and Prime Minister Ranil W...


First Sinhala talkie ‘Kadawunu Poronduwa’ was released 70 years ago

21 January 2017

History was made 70 years ago when the film ‘Kadawunu Poronduwa’ (Broken Promise) premiered at the Kingsley Theatre in Colombo on 21 January 1947. The Chief Guest was D.S. Senanayake, Minister of Agriculture and Lands under the State C...


Columnists More