Pandit seen leaving Citi without much of a parachute
NEW YORK (REUTERS) - Vikram Pandit may leave Citigroup Inc without a rich exit package, compensation experts say, although final terms of his departure likely will not be known for several days.
Mr Pandit, who stepped down as chief executive of the bank on Tuesday after months of tensions with the board, is not eligible for a "golden parachute" - a pre-negotiated severance payout - according to Citigroup's most recent annual proxy filing.
Still, as is typical in departures of high-profile CEOs, the company may end up hammering out a financial arrangement with Mr Pandit that would include agreements not to disparage or compete against the bank, executive pay experts said.
Generous CEO exit packages have become a lightning rod for some investors in recent years. At the same time, Mr Pandit's pay has riled many Citigroup shareholders, who rejected his proposed annual compensation in a non-binding "say on pay" vote earlier this year.