The San Francisco Chronicle has learned that “Citigroup, whose shareholders rejected Chief Executive Officer Vikram Pandit’s compensation plan in April, is committed to resolving the pay dispute, and the board will make a decision by the end of the year.” According to Pandit, Citigroup directors are still consulting with shareholders of the New York-based lender regarding potential changes. Pandit remarked, “I want to get paid what the board thinks is right for me, for the job that I’ve done, and for the incentives that they think I ought to have.” The advisory vote back in April was non-binding.
Citigroup to resolve CEO pay by end of year
Citigroup vowed to change its compensation policy by the end of the year following a failed say-on-pay shareholder vote.
June 22, 2012