Ex-Citi executive Vikram Pandit to receive $6.7 mln 'incentive award'

Last Updated: Sat, Nov 10, 2012 06:00 hrs

Citigroup will pay 31 million dollars to ex-chief executive Vikram Pandit and a top deputy as they leave the bank after a corporate shake-up last month.

According to a securities filing, the firm will also bar the two executives from going to work for 13 top competitors for a year.

The pay constitutes incentive awards earned during 2012 and deferred cash and stock during 2011.

According to the report, each former executive will receive about 15.5 million dollars.

Pandit will receive 6.7 million dollars, and former chief operating officer John Havens will receive 6.8 million dollars in 2012 incentive pay.

Both awards will be paid out with 40 percent up front and 60 percent deferred in equal annual installments through 2017, the report said.

The securities filing said the payments are incentive awards "for their significant contributions to Citigroup during 2012," and asserted they are not severance payments, it added.

According to some earlier media reports, Pandit abruptly stepped down as CEO last month following a clash with the company's board over the bank's strategy and performance. (ANI)

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