Pandit Walks Away From $33m, But Said To Take Home $221.5m In 5 Years

Vikram Pandit, who stepped down Tuesday as Citigroup’s Chief Executive Officer, stands to forfeit almost $33m in cash and stock from a retention package unless the board gives him a payout to ease his exit.

Bloomberg reports that Citigroup formulated a plan last year that, based on the firm’s performance so far, would have given Pandit $19 million through a profit-sharing agreement, deferred stock now valued at $9m and $4.6m in options, according to the terms of a May 2011 regulatory filing and data compiled by Bloomberg. The plan required Pandit, 55, to be employed at the bank through various payment dates, most of which haven’t been reached.

Pandit would have had to remain at Citigroup until at least May 17, 2013, to be eligible for payments under the profit- sharing plan, according to the regulatory filing.

But before you feel too sorry for poor old Pandit, The Wall Street Journal has worked out that he took home around $221.5m over his 5 years at Citi.

Pandit is said to have bagged $165m when Citi acquired his hedge fund, Old Lane, in 2007, with the rest his pay coming in comp and stock awards / options over the years.

Finally, Bloomberg reports that new Citigroup CEO Michael Corbat a base salary of $1.5m.

Pandit Stands to Forgo $33 Million as Exit Voids Retention Plan

Citigroup Says CEO Corbat Will Get $1.5 Million Salary