Citigroup head’s salary jumps from $1 to 1.75 mnBy DPA, IANS
Friday, January 21, 2011
NEW YORK - Vikram Pandit, who led the financial giant Citigroup through the dark days of the recession and bail-out, is getting a raise.
After working for two years for just $1 a year, he will now receive $1.75 million, board chairman Richard Parsons said Friday.
Under Pandit’s leadership since December 2007, Citigroup got one of the biggest government bail-outs of $45 billion. But by December, it had paid back the amount to taxpayers and the US government even pocketed a 12-billion-dollar profit in selling its shares.
Pandit “has worked tirelessly to put Citi back on the right track, spearheading a restructuring that has returned the company to profitability and positioning the company for future growth,” Parsons said.