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

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

Comments / 365 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


Today's Columnists

Exemplary transformational leadership

10 October 2015

Pope Francis waves to the crowd as he arrives at Independence Hall in Philadelphia on 26 September – AFP/Getty Images        The Catholic Church is the oldest organisation known to...

Preventive justice

10 October 2015

 Every time we hear of a gruesome crime, we seem to believe that a death penalty will be the deterrent.  Human behaviour is driven by one’s self-justified perception. These perceptions in turn are strongly influenced b...

Invigorating Sri Lanka’s innovation landscape

9 October 2015

  In Sri Lanka we do not see a significant number of innovations coming through from the high tech arena but there exists a large number of middle level and grass root level innovations that can provide significant value additions to ...

Why the Super Gains Tax should be avoided

9 October 2015

  In January, the Sri Lankan business community was obviously unhappy with the imposition of the Super Gains Tax (retrospective tax plan) on large companies through the 100-day Government’s Interim Budget and also with ...

Columnists More