- Maine Caucuses a Chance to Right the Romney Ship
- Greek Debt Saga Back on Center Stage for Markets
- China President-in-Waiting to Sample Slices of America
- Greek Cabinet Approves EU, IMF Bailout Bill
- MF Global Trustee Sees Shortfall of $1.6 Billion
- Iran to Announce 'Very Important' Nuclear Progress
- We're Not Greece: Italian Prime Minister Monti
- UK Police Arrest Five at Murdoch's Sun Newspaper
- Private Homebuilders in the US: Dead Men Walking
MOST SHARED
- Maine Caucuses a Chance to Right the Romney Ship
- Greece Warns Bailout Rebels of Unknown, Dangerous Path
- UK's Cameron Calls for Truce on Bonuses
- Greek Debt Saga Back on Center Stage for Markets
- How Rescuing Greece Could Destroy the World
- How to Date a Wall Street Man
- Warren Buffett's 5-Minute Plan to Fix the Deficit
- Dividend Payout Could Hit Record Amount This Year
MOST POPULAR
HOT ON FACEBOOK
Citigroup's Charles Prince Will Get $40 Million
Text Size 
Citigroup, the largest bank in the United States, said on Thursday that its former Chairman and Chief Executive, Charles Prince, will take home roughly $40 million as he retires from the company.
 |
AP Citigroup's former CEO Charles Prince will take home roughly $40 million as he retires from the company. |
] Chief Executive Stan O'Neal was awarded when he was ousted from the investment bank last week.The terms of Prince's retirement include the vesting of options estimated to be worth $1.28 million, the vesting of deferred stock estimated to be worth $16.05 million and the vesting of restricted shares worth $10.7 million.
The package also includes a little more than 83 percent of his 2006 bonus and stock awards of about $23.8 million, adjusted for the total shareholder return for 2007, which is so far a decline of about 38 percent. That totals another $12.3 million or so.
Citi [C
Loading...
()
] said on Sunday that Prince was retiring amid billions of dollars of expected fourth-quarter writedowns for securities linked to subprime mortgages. Citi wrote down $6.8 billion in the third-quarter.
Shares Slumped
Citi shares have fallen for eight straight sessions, in a slump that has chopped $48.5 billion off the bank's market capitalization.
All values for shares and options are as of Nov. 2, but Citi's shares have fallen nearly 13 percent since then.
The $40 million is in addition to about $53 million of shares Prince already owns, but Prince is receiving considerably less than the $161.5 million that Merrill Lynch's O'Neal received.
In addition to the compensation, shares, and options, Prince will also receive salary payments at the same rate as prior to his retirement, and benefits at the prior rate, through the end of the year.
Prince will continue working at Citi during that period, to advise Chairman Robert Rubin and Acting CEO Sir Win Bischoff.
The former CEO will also be entitled to an office, administrative assistant, and car and driver for five years, or until he starts working elsewhere full-time.
Most of the package is contingent on Prince abiding by the terms of his departure, including not competing with the company and not soliciting its clients or employees.
- Marketing clichés aside, sometimes diamonds are for investing.
- The ‘Fast Money’ traders weigh in on fashion related stocks from apparel to footwear.
- This list of the 10 most active cities for speed traps was compiled by Trapster.com. See if your town is there.
- This Valentine’s Day should prove a love fest for restaurants, as many couples will be dining out.
- Here’s a look at Westminster Kennel Club’s most successful breeds—and how much they cost.
- What kind of homes do celebrity couples share? Here’s our updated list. Take a look.
Data is a real-time snapshot *Data is delayed at least 15 minutes
