With Citi stock in the toilet — below $3 — CEO Vikram and Chairman, Chairman Win Bischoff and CFO Gary Crittenden won’t make the company pay them a bonus to retain their services.
From an SEC filing this morning:
On January 14, 2009, the Personnel and Compensation Committee of the Board of Directors of Citigroup Inc. (the “Committee”) made compensatory awards to members of senior management. Chief Executive Officer Vikram Pandit, Chairman of the Board Sir Winfried Bischoff, and Chief Financial Officer Gary Crittenden declined to be considered for incentive or retention awards and did not receive any of the awards described below.
The other members of Citi’s executive committee received stock awards that vest if the price of shares of Citigroup Inc. common stock meets specified price targets during the next four years. Half of each individual’s award has a price target of $17.85 and half has a price target of $10.61. These price levels were chosen based on the conversion prices of the warrants to purchase common stock issued by Citigroup to the U.S. Department of the Treasury on October 28, 2008 and on December 31, 2008.
Citi Below $3