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

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


Comments / 371 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

Invest in Sri Lanka needs a step change in strategy

31 May 2016

In the backdrop of the financial crisis, when the dreaded flood hit Sri Lanka, my mind went back to the time of 2007/08 when the war was ranging at its highest with the prices of petroleum touching $ 150 and foreign reserves were at just one month...


Recent floods, culprits galore

31 May 2016

The country suffered from an unprecedented drought from January to April and the populace faced the highest temperatures for decades. The monsoon was late and the arrival of rains in early May brought relief, but in a couple of weeks the relief wa...


Handagama’s latest indictment: Fantasising educated middle class should wake up from their dreams

30 May 2016

   A film director famous for indicting others Asoka Handagama, an award-winning film director of international repute, has been known for using his medium to serve contemporary society with indictments. His first movie, &lsquo...


Container fleet growth slows to lowest level

30 May 2016

Container fleet growth slows to lowest level The lowest fleet growth on record will not stop the containership fleet breaking through the 20 million TEU mark this year, according to analysis from Bimco. The shipping association said the fleet wo...


Columnists More