Citigroup pays new CEO Corbat $12.4M in 2012

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Associated Press

Posted on March 15, 2013 at 12:01 PM

Updated Friday, Mar 15 at 12:03 PM

NEW YORK (AP) — Citigroup awarded its new CEO, Michael Corbat, a total of $12.4 million last year.

That's 17 percent less than the $14.9 million his predecessor, Vikram Pandit, received in 2011. But Corbat, who replaced Pandit in October, was only in the top job for three months last year.

Citigroup paid Pandit a total of $9.5 million in 2012. Before replacing him, Corbat had been CEO of Citi's Europe, Middle East and Africa division.

Once the country's biggest bank, Citigroup now ranks third behind JPMorgan Chase and Bank of America.

AP's calculation counts salary, bonuses, perks, as well as stock and options awarded to executives during the year. The tally excludes changes in the value of pension benefits, and sometimes differs from the total compensation that companies list in their regulatory filings.

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