Citigroup on Wednesday said it has rewarded CEO Vikram Pandit with an over $16 million "retention award" for his "outstanding job" of steering the financial giant to profitability and executing a strategy for sustainable growth.
Pandit has been taking home
a token $1 salary from Citigroup since 2009.
The three-part multi-year retention award will accrue to Pandit if the company meets certain performance goals, New York-based
Citigroup said in a filing with to the Securities and Exchange Commission.
"Vikram has done an outstanding job since coming on board as the financial crisis began. Under his leadership, the management team has navigated Citi through the crisis, returned Citi to profitability and is executing a strategy for sustainable growth," the Chairman of Citigroup's board of directors, Richard Parsons, said.
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