Citigroup Says CEO Corbat Will Get $1.5 Million Salary

Citigroup via AP Photo

Michael Corbat, the new Chief Executive Officer of Citigroup. After Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, Oct. 16. 2012, Corbat became Pandit's replacement. Corbat has held a wide variety of roles in his nearly 30 years at Citi and its businesses, including commercial banking and wealth management.

Citigroup Inc. (C), the bank that awarded former Chief Executive Officer Vikram Pandit $261 million over the past five years, will give new CEO Michael Corbat a base salary of $1.5 million.

Citigroup disclosed Corbat’s pay in a regulatory filing today, after he replaced Vikram Pandit, 55, as the leader of the third-largest U.S. bank by assets. Corbat also is eligible for a bonus, the bank said.

Pandit received a $1.67 million salary in 2011, after he took a $1 annual salary for 2010 and much of 2009. Pandit’s pay was rejected by shareholders in a non-binding vote in April.

Corbat, 52, received $9 million in compensation for 2010, according to a filing at the time. His pay for 2011 wasn’t disclosed in the firm’s proxy filing.

To contact the reporters on this story: Michael J. Moore in New York at mmoore55@bloomberg.net; Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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Oct. 16 (Bloomberg) -- Former Federal Deposit Insurance Corp. Chairman Sheila Bair, former Securities and Exchange Commission Chairman Arthur Levitt and Bloomberg View columnist William Cohan speak about Vikram Pandit's departure as Citigroup Inc.'s chief executive officer. Pandit will be replaced by Michael Corbat. This report also includes comments from Neil Barofsky, former special inspector for the Troubled Asset Relief Program, Mohamed El-Erian of Pacific Investment Management Co., Thomas Brown of Second Curve Capital LLC and Chris Whalen of Tangent Capital Partners. (Source: Bloomberg)