Citigroup’s Pandit Takes $1 in Compensation for 2010

Vikram S. Pandit, Citigroup’s chief executive, turned down a potentially lucrative compensation package for the second consecutive year in a move that could help him avoid the uproar over pay in the postbailout era.

Mr. Pandit informed Citigroup’s board that he would again accept $1 a year in salary for 2010 even if the board determined he had merited a lavish paycheck, according to a corporate filing on Friday. At a Congressional hearing in February 2009, Mr. Pandit pledged that he would accept only that token amount until he returned the bank to sustained profitability.

Richard D. Parsons, Citigroup’s chairman, said Citi’s board was “very pleased” with the progress that Mr. Pandit was making and planned to restore his compensation to a level comparable to the heads of other banking chiefs in 2011.

Read Full Article from New York Times

- Posted: 2010-09-25 21:25:43

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