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Who says there is no good news on Wall Street? On Tuesday, Citigroup shareholders rejected a board-of-directors recommended $15 million compensation package for Chief Executive Vikram S. Pandit.
The "say on pay" vote was nonbinding, in keeping with the 2010 Dodd-Frank law that requires shareholder votes on executive pay at least once every three years. Last year, The New York Times reported, shareholders at a mere 42 out of more than 3,000 companies voted against board-recommended pay plans. With 55 percent of voting shareholders opposed to Pandit's pay, Citi shareholders made news by issuing the first rebuke of a financial giant for overpaying its top guns.
Pandit is hardly a poster child for arrogant CEOs. He was the only Wall Street CEO to give his imprimatur to Dodd-Frank by traveling to Washington for the measure's signing ceremony. Now he's the first big-bank giant to get his wallet slapped.
To his credit, Pandit accepted a mere $1 annual salary in 2009 and 2010, during the bank's nightmare ride in the global financial storm. Then the board rewarded him with a $7-million salary and bonus package in 2011, as well as a $40 million retention deal through 2015. That's a sweet thank-you considering that Citigroup's shares are worth about one-fifth their price before the financial crisis began.
17-Jan-12 130,947 C Acquisition (Non Open Market) at $0 per share.
11-Dec-11 10,118 C Disposition (Non Open Market) at $28.02 per share.
(Value of $283,506)
17-May-11 240,732 C Acquisition (Non Open Market) at $0 per share.