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Many of which involved firing people. He did other stuff, too, but the firings stood out on compensation day.
Citigroup, whose shareholders rejected its former leader’s pay package, gave new Chief Executive Officer Michael Corbat an $11.5 million compensation deal for 2012. The payout for 2012 includes a $4.18 million cash bonus and $3.14 million of so-called performance share units, or PSUs, according to a regulatory filing today. Citigroup introduced the PSUs as a part of executive compensation after discussions with almost 20 shareholders, the New York-based lender said…The 2012 package also includes a $1.05 million salary and $3.14 million of deferred stock, according to the filing. His pay for 2011 wasn’t disclosed in last year’s proxy statement. The bank gave Corbat $9 million for 2010, according to an earlier filing. The new CEO plans to fire 11,000 workers and pull back from certain markets as he seeks to cut costs and increase returns for shareholders. The stock jumped 50 percent last year. He previously was CEO of the bank’s operations in Europe, the Middle East and Africa and head of the Citi Holdings unit. “Mr. Corbat’s 2012 pay was based on his substantial contributions in his CEO role for the region, his impact as a senior executive on Citi’s overall performance and the immediate contributions he made upon assuming the Citi CEO role in October,” according to the filling.
Citigroup Awards Corbat $11.5 Million After Pandit Pay Vote [Bloomberg]
Related: Layoffs Watch ’12: Citigroup Has Begun The First Phase Of Its Total Body Makeover; Mike Corbat Will Torch The Fat Off Citi Like He Torched The Fat Off His Abs