Citigroup chief awarded $10.82m
By Greg Farrell in New York
Published: March 17 2009 00:00 | Last updated: March 17 2009 00:00
Citigroup chief executive Vikram Pandit was awarded $10.82m in total compensation for 2008, a period when the group’s shares plunged and it received $45bn from the US government.
Mr Pandit, responding to growing anger about executive compensation at financial institutions that have received government backing, said in February he would work for $1 salary and no bonus until the company is profitable again.
Citigroup, in its annual proxy filing, also announced on Monday the nomination of four new directors to its board of directors, who will stand for election at next month’s shareholder meeting.
The nominees are Jerry Grundhofer, retired chairman and chief executive of US Bancorp; Michael O’Neill, retired chairman and chief executive of the Bank of Hawaii; Anthony Santomero, formerly of McKinsey & Company, and a past president of the Federal Reserve Bank of Philadelphia, and William Thompson Jr, former chief executive of PIMCO.
Citigroup and its board of directors have come under harsh criticism in the past year and a half, stemming from the bank’s overexposure to subprime mortgages, and its lack of risk management skills. In recent months, several prominent board members, including Sir Win Bischoff and former Treasury Secretary Robert Rubin, have announced their departure from Citi.
“This is a solid slate of candidates with extensive banking and financial services experience, a deep understanding of international credit and equity markets, and first-hand knowledge of the governing regulatory system,” said Richard Parsons, chairman of Citi’s board.
Citi’s board currently has 15 directors, three of whom are stepping down and two of whom are retiring. With the presumed addition of the four nominees, Citi’s board will consist of 14 directors.
Copyright The Financial Times Limited 2009 |
