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Nov 11, 2012, 10.01 AM IST | Source: Reuters

Citigroup to pay Pandit, Havens more than $15m each

Former Citigroup Inc CEO Vikram Pandit, who resigned last month under pressure from company directors, and former chief operating officer John Havens will receive more than USD 15 million each, the company said on Friday.

Citigroup to pay Pandit, Havens more than $15m each

Former Citigroup Inc CEO Vikram Pandit, who resigned last month under pressure from company directors, and former chief operating officer John Havens will receive more than USD 15 million each, the company said on Friday.

The sums were disclosed in a filing with the Securities and Exchange Commission.

The amounts were set in written agreements reached with the Pandit and Havens earlier in the day.

"Vikram and John made significant contributions to Citi during their five years of service," Citigroup Chairman Michael O'Neill said in statement included in the filing.

O'Neill said directors decided that it was fair for the men to receive incentive pay for the progress made in 2012. "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," he said.

For Pandit, the payments include USD 6.65 million for incentive pay for work in 2012 and deferred stock and cash incentive awards valued at USD 8.83 million for 2011, according to the filing.

Havens' payments include USD 6.79 million for 2012 and USD 8.73 million worth of deferred stock and cash incentive awards for work in 2011 and 2008.

The men will receive 40 percent of their 2012 payments immediately in cash, with the rest paid in installments stretching to January 2017.

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