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

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


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.


Share This Article


COMMENTS

Today's Columnists

Tony Ranasinghe: the greatest character actor and romantic lover in Sinhala cinema

4 July 2015

    “Tony as an actor is the best character-based actor not even witnessed in the Indian screen. He has an actor within himself who emerges at the correct moment. Tony Ranasinghe is the best charac...


Moral relativism of Maithri presidency

4 July 2015

President Maithripala Sirisena   The American philosopher Eric Hoffer once wrote: “It has often been said that power corrupts. But it is perhaps equally important to realise that weakness, too, corrupts. Power c...


Improving competitiveness should be a top priority for the next Government

3 July 2015

An issue that needs urgent attention is the colossal losses in the State-Owned Enterprises, especially, the top three – CEB, CPC and SriLankan       As a country we have slid from the 6...


Power Quote

3 July 2015

"More bonding, less bonds, no bandits - that's the need of the hour" ...


Columnists More