NEW YORK (Reuters) - Citigroup Chief Executive Vikram Pandit finally got his payday. The third biggest U.S. bank company paid Pandit $14.86 million in 2011, compared with $1 in 2010, according to a filing with the Securities and Exchange Committee.
The 2011 payout included salary of $1.7 million and cash supplemented by a cash bonus of $5.3 million and options valued at $7.8 million.
In 2010, Pandit’s total pay package was $128,751.
The pay recognizes Pandit’s shepherding of the company to profitability after the bank was bailed out by the government in 2008. Citi, which had net income of $11.1 billion in 2011, has had eight consecutive 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 is split between deferred stock and deferred cash. The awards, meant to retain the executive, vests in four annual installments beginning January 2012, the proxy said.
Pandit, 55, has been CEO since December 2007 and refused to accept compensation in 2010 beyond the token $1 payment.
Reporting By Jed Horowitz; Editing by Bernard Orr