Citigroup will pay its former India-born Chief Executive Officer Vikram Pandit, who had unexpectedly resigned from his position last month, $6.6 million in incentive awards for 2012.
The financial giant will also pay its former President and Chief Operating Officer John Havens $6.79 million, it said in a regulatory filing with the U.S. Securities and Exchange Commission.
While Citi would also honour all past awards that they were legally entitled to, there were no severance payments, Chairman of Citi’s board of directors Michael O’Neill said.The board has granted Pandit $6.65 million as incentive awards for his “significant” contributions to Citigroup.
In a surprise move last month, Pandit had quit from the post even after steering the crisis-hit banking giant into profitability.
Media reports at the time had said that Pandit’s exit came in the wake of differences with the board.
