Proxy Mining: Citi's Pandit Made $38.2 Million Last Year
Vikram Pandit, who took over troubled Citigroup mega-bank in December 2007, received $38.2 million in total 2008 compensation -- all but $1 million of which came in stock and option awards.
According to Citigroup's proxy, released today by the Securities and Exchange Commission, Pandit's 2008 salary was $958,333. In January 2008, he was given $37.3 million in stock and options awards when Citigroup's stock was valued at about $25 per share.
It is trading today at about $2.50 per share, so his compensation today is worth considerably less than $37.3 million.
Citigroup has so far gotten $45 billion in direct government bailout money and billions more in backstops.
Other nuggets unearthed when mining into Citigroup's proxy:
-- Pandit and chief financial officer Gary Crittenden have received no cash bonuses.
-- Retention bonuses were paid, however, to three other top Citigroup officials: Co-head of global markets James Forese ($5.3 million), chief executive/Asia Pacific Ajaypal Banga ($3.6 million) and vice chairman Stephen Volk ($3.6 million).
-- Pandit was reimbursed for $2,393 worth of "ground transportation," but Crittenden charged Citigroup for $126,256 worth of ground transportation.
March 16, 2009; 2:25 PM ET
Categories: The Ticker | Tags: Citigroup, Vikarm Pandit, executive compensation
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