Thursday, April 19, 2012

Pay-imperiled Pandit sets $4.3M house sale

After management OK’d a whopping $15 million pay raise, Citigroup CEO Vikram Pandit put the Greenwich, Conn., house he and his wife have owned for the last 11 years on the market for $4.3 million.

But if Pandit is looking to upgrade from his starter mansion, he might want to reconsider in the wake of Citi shareholders’ decision this week to KO the pay package.

That means Pandit, who got a salary of $1.6 million and a $5.3 million bonus plus stock awards, may see his haul get trimmed a bit. The shareholder vote is non-binding.

No, it isn’t easy keeping up in Greenwich.

Citi CEO Vikram Pandit, perhaps looking to trade up, has put his Greenwich, Conn., starter mansion on the block for $4.3M. Hopefully, he wasn’t counting on the approval of a proposed $15M pay package — as angry shareholders voted it down this week.

The two-story Colonial boasts six bedrooms, 6.5 baths, an in-ground pool and a pool house, according to Sotheby’s realty arm, which listed the residence.

The CEO, who also owns an apartment on the Upper West Side, bought the home on 2.37 acres in June 2001 for $4.1 million, real-estate records show.

The $15 million pay package would help to compensate Citi’s boss for the past two years during which he agreed to be paid a mere $1 a year until the bank, which had accepted $45 billion in taxpayer bailouts, returned to profitability.

Citi has moved back into the black, but its financials remain shaky.

Shareholders may feel the board set too low a hurdle for Pandit to pocket the money, experts said. Citi vowed to consider changes.

Citi spokeswoman Shannon Bell declined to comment on the listing, which was first reported by Real Estalker, a celebrity real-estate blog.

Vikram Pandit, Citi, Greenwich, shareholders, ebook download

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