No Severance - Citi's Reveals Vikram Pandit's 2012 Compensation

Vikram Pandit

Vikram Pandit, Citi’s ousted CEO, will get about $6.7m in 2012 compensation and will forfeit some awards tied to a $40m retention package granted last year.

Bloomberg reports that John Havens, who resigned last month as Citigroup’s chief operating officer on the same day as Pandit, will get about $6.8 million for 2012 and also forfeit some awards, the New York- based lender said yesterday in a regulatory filing.

'Based on the progress this year through the date of separation, the board determined that an incentive award for their work in 2012 was appropriate and equitable', Chairman Michael E. O’Neill said in the filing. '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'.

Citigroup directors led by O’Neill are managing the fallout from the ouster of Pandit, 55, and Havens, 56, last month after they spent about five years running the bank. The board forced out Pandit after concluding that he mismanaged operations and damaged the lender’s credibility, a person familiar with the matter said at the time.

Pandit and Havens will also keep a combined $17.6m in deferred stock and cash awards that are part of previous annual packages, according to the filing.

'Vikram and John made significant contributions to Citi during their five years of service', O’Neill said. 'We remain grateful for their contributions and wish them well'.

Hit the link below to access the complete Bloomberg article:

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