It pays to wait.
Citi CEO Vikram Pandit, who before now was earning a salary of $1 a year as he pulled Citi out of near financial ruin and total government support, has just had his new base salary approved by the bank’s board.
Now his annual base is $1.75 million, according to an SEC filing.
This is why the board upped Pandit’s pay:
The board is very pleased with the progress that the company has made under Vikram’s leadership.
Vikram 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. In light of these highly positive accomplishments, the base salary established for Vikram is merited.
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