Citigroup overhauls exec pay plan

Citigroup said it has overhauled the executive pay plan that shareholders rejected last year as overly generous, revising it to tie bonus payments more closely to stock performance and profitability.

The company also said in a filing that it is paying new chief executive Mike Corbat US$11.5 million for his work last year.

The new plan was crafted after board chairman Michael O’Neill and other directors met with “nearly 20” shareholders representing more than 30 per cent of Citigroup stock, according to the filing.

via Business feed http://www.scmp.com/business/banking-finance/article/1156016/citigroup-overhauls-exec-pay-plan