Citigroup Inc., 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.