Saturday, January 22, 2011

Citigroup raises CEO Vikram Pandit's salary to US$1.75m

SAN FRANCISCO:'' Citigroup Inc. has raised the salary of its chief executive Vikram Pandit's annual base salary to $1.75 million from $1 previously after he steered the company back to profitability.

Citi chairman Richard Parsons said Pandit deserved the pay raise because the CEO has "worked tirelessly to put Citi back on the right track, spearheading a restructuring that has returned the company to profitability and positioning the company for future growth'.

According to wire reports, the pay hike takes effect immediately. Pandit, 54, has led Citi since December 2007 and oversaw its $45 billion bailout by taxpayers the next year.

In February 2009, he said his salary would be capped at $1 until the firm returned to profitability, and earlier this week it reported a $10.6 billion profit for 2010.

According to Bloomberg,Citi also announced 2010 bonuses of almost $50 million for 15 other senior executives. Six of them, including newly promoted Chief Operating Officer John Havens, also shared 'stock salary' last year worth more than $37 million on an annualised basis, according to a Sep. 24 filing. Pandit declined a bonus for the year.

Vikram held about 2.2 million Citigroup shares as of Dec. 11. The stake has a value of $10.8 million based on Friday's closing price.


No comments:

Post a Comment