Citigroup chief executive Vikram Pandit has finally reached his payday, with the third biggest US bank paying him $14.86 million in 2011, as against $1 in 2010, a filing with the Securities and Exchange Committee shows.
The 2011 payout includes a salary of $1.7 million and cash supplemented by a cash bonus of $5.3 million and, in addition, options valued at $7.8 million.
Pandit's total pay package in 2009 was $128,751.
The pay recognises Pandit's steering of the company to profitability after it had to be bailed out by the government in 2008. Citi, with a net income of $11.1 billion in 2011, has had eight straight quarters of profitability, Citigroup's compensation committee, said in the company's annual proxy statement.
"The committee awarded annual incentive compensation, in addition to salary, to Mr. Pandit for the first time in four years in a manner commensurate with his responsibilities and the success of his implementation of Citi's long term strategies," the proxy statement said.
About $8 million of Pandit's 2011 pay would be split into deferred stock and deferred cash. The awards, aimed at retaining the executive, would be spread across four annual installments beginning January 2012, the proxy said. (See: Citigroup's Vikram Pandit awarded huge pay package)