Citi CEO walk away with $31 million
Posted by eBestAgent in FINANCIAL, tags: Finance, Finance newsEx-Citi CEO Charles Prince could walk away with as much as $31 million worth of unvested stock, stock options and benefits.
That would be in addition to the nearly $61 million worth of stock holdings he already owns.
Prince, who stepped down on Sunday amid billions of dollars in mortgage-related write-downs at the financial services company, is not believed to have an employment contract so his ultimate exit package would be subject to what he negotiates with the Citigroup board.
The amount is likely to be much less than for other high-profile departures of late, including the $161.5 million that Merrill Lynch & Co Inc. said Stanley O’Neal would get in stock awards and benefits after he was ousted as CEO last week.
Prince could leave with as much as $28 million worth of unvested stock, about $1.28 million in stock options and $1.74 million in pension benefits, according to an analysis of Citigroup regulatory filings by Hay Group, a global management consulting firm based in Philadelphia.
The calculations were based on Citigroup’s closing stock price of $37.73 on Friday.
Prince became CEO in 2003 and was named chairman in 2006. His departure ends a turbulent tenure as company chief that was marked by heavy turnover among his senior managers, questions over the company’s strategy and heavy loan and credit losses.
Because of the company’s falling stock price, many of Prince’s stock options are under water, meaning they have no current value.
The major variable for Prince is expected to be the value of his unvested stock, and whether or not the board will agree to have these shares immediately vest. He could leave with as much as $28 million in unvested stock if a roughly $12 million grant set to vest in July 2008.
Prince also has about 1.7 million stock options that are under water, meaning they have no current value. In Citigroup filings, he has the next two years to exercise them as long as he doesn’t compete with Citigroup’s business operations.
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