Mar 15 2008
CEO Vikram Pandit got $216 mn for Citi job!
India-born Vikram Pandit gets nearly $216 million for his job as chief executive officer (CEO) of the world’s largest bank, Citi Group.
According to The New York Times, Vikram Pandit received about $165.2 million in connection with the sale of Old Lane Partners, the investment firm Citigroup bought last April for as much as $800 million.
Pandit received an additional $2.7 million in annual pay in the roughly six months he led Citigroup’s investment bank and alternative investments group.
The details of his pay and other top executives were found in Citigroup’s proxy statement released on Thursday.
And in January, Mr Pandit was given a sign-on grant of stock and performance-based options worth over $48 million, though the options currently no cash value. That brings the total to at least $216 million.
Mr. Pandit’s 2007 pay package is small for managing a bank of Citigroup’s complexity and size. But it does show awareness over the amounts he received from a sign-on award and bank’s acquisition of Old Lane. Of the $165.2 million, he will reinvest the after-tax proceeds of $100 million in an Old Lane fund until at least July 2011.
