The board of Citigroup has awarded $6.65 million to Vikram Pandit after unexpectedly ousting the chief executive last month.
Pandit will receive the money as part of an “incentive" package for his work during 2012. He will also continue to collect his deferred cash and stock awards from the previous year, compensation that the bank currently valued at more than $8.8 million.
In a surprise move, Pandit resigned in October, a departure that was orchestrated for months by the bank’s board. Its powerful chairman, Michael O’Neill, maneuvered behind the scenes to curry support with other directors and replace Pandit. Michael Corbat was named the new chief executive.
As part of the shake-up, the board also forced out John Havens, the chief operating officer. Havens will receive $6.8 million in incentive pay for 2012.
— From wire reports