Citigroup (NYSE: C) has reported in an SEC filing that it will award former CEO Vikram Pandit $6.65 million and former COO John Havens $6.8 million in "incentive awards" for their "significant contributions to Citigroup during 2012." The company entered into agreements with the men Nov. 9.
Pandit abruptly resigned Oct. 15, with many speculating that it wasn't a voluntary move. Havens resigned the same day.
Under the agreement outlined in the SEC filing, Pandit and Havens will officially separate from the company on Nov. 30.
Michael E. O'Neill, Chairman of Citi's Board of Directors, said in the filing: "Vikram and John made significant contributions to Citi during their five years of service. Vikram steered Citi through the financial crisis, realigned its strategy, bolstered its risk management processes and returned it to profitability. John's focus on our institutional businesses increased our capabilities and helped steer our clients through volatile times. Based on the progress this year through the date of separation, the Board determined that an incentive award for their work in 2012 was appropriate and equitable."
According to the company in its filing, neither executive will receive "severance payments or special benefits or perquisites as a result of their departures from Citigroup under any employment or separation pay agreement, plan, program, practice, or policy, including the Agreements." Both executives will, however, continue to "vest" in their deferred stock and deferred cash "incentive" awards valued at $8.8 million for Pandit, and $8.7 million for Havens.
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