Citigroup overhauls exec pay plan after losing shareholder vote

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February 22, 2013 8:49 AM EST

Citigroup Inc said it has overhauled the executive pay plan that shareholders rejected last year to better tie bonus payments to stock performance and profitability.

The company, in a filing Thursday afternoon, also said the company is paying new CEO Mike Corbat $11.5 million (7.5 million pounds) for his work in 2012.

(Reporting by David Henry in New York; Editing by Gary Hill)

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