Filed under: Management, Citigroup Inc. (C)
The markets may be seizing and the losses mounting, but some Citibank executives are still hauling in the cash. The New York Times reports that CEO Vikrim Pandit and other top executives were in theory only supposed to receive their salaries in 2007 due to the company’’s poor performance to the tune of $20 billion in write-offs.
In reality, however, some executives came home with much more in deferred cash and equity awards in January 2008, much of defended by the compensation committee as “retention pay”:
Vice Chairman Lewis Kaden: cash and equity worth $8.3 million, to top off his $500,000 salary;
Investment bank co-head Michael Klein:$19.3 million on a $212,500 salary;
Vice Chairman Steven Volk: $10.3 million non a $212,500 salary.
Others who will not be worried about paying their credit card bills:
Sallie Krawcheck: $2.9 million cash bonus, for a total compensation package of $12.5 million;
Winfried Bischoff: $2 million cash bonus to help his total reach $7.4 million;
CFO Gary Crittenden: cash bonus of $14 million for a grand total of $24.5 million.
Maybe these lucky execs can pool some of their resources that to buy some of the assets that Citibank will have to sell off to return to profitability.
Permalink | Email this | Comments
