Citigroup overhauls executive pay plan after shareholder vote
February 22, 2013 9:14 AM EST
The company, in a filing Thursday afternoon, also said the company is paying new Chief Executive Mike Corbat $11.5 million (7.5 million pounds) for his work in 2012.
The plan was crafted after board Chairman Michael O'Neill and other directors met with "nearly 20" shareholders representing more than 30 percent of Citigroup stock, according to the filing.
The new plan provides that 30 percent of the bonus for top executives will be paid in cash, depending on how much the company earns on assets and on total shareholder return compared with peers over three years through 2015.
Citigroup's previous pay plan failed to win endorsement of shareholders in a vote at the company's annual meeting in April.
"When our shareholders spoke last year about Citi's compensation structure, we listened," O'Neill said in the filing.
The 2012 pay for Corbat, who was named CEO in October, was based partly on the new pay plan which was being developed last year. The company has not yet disclosed pay for other top executives.
(Reporting by David Henry in New York; Editing by Gary Hill and Richard Chang)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- US Plane Flying Over Russian Skies Spotted; Vladimir Putin Ready For 'Practical Cooperation' With US
- Black Friday 2014 Sale: Top Deals On Game Consoles Xbox One, PS4, Nintendo Wii U And More
- Nexus 6 Release Date And Price Under AT&T, T-Mobile And Sprint Listed
- More Bad News for Android 5.0 Lollipop As Problems Come In for Nexus and Other Devices