Citi’s Pandit reaping rich rewards
Vikram Pandit, CEO of Citigroup, received $165.2 million when the company bought Old Lane, the hedge fund he co-founded.
Vikram Pandit, chief executive officer of Citigroup Inc. since December, received $165.2 million when the bank bought Old Lane LP, the hedge fund he co-founded, according to published reports.
Citigroup of New York paid $800 million for the fund.
Mr. Pandit reinvested $100.3 million back into an Old Lane Fund as a condition of the deal, as well as requiring him to forfeit significant portions of the investment if he quits or is fired in the next four years.
Additionally, Citigroup gave him one million shares as a sign-on bonus in January, as well as a $2.5 million “retention equity award,” according to filings made with the Securities and Exchange Commission.
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