Citigroup awards $6.65 million to Vikram Pandit

Citigroup awards $6.65 million to Vikram PanditThe board of global financial giant, Citigroup has approved an award of $6.65 million to Vikram S. Pandit, which was unexpectedly resigned from the company in the previous month.

The board awarded the amount for the former chief executive as part of an "incentive" package for his work during 2012. The bank has also decided to pay a similar amount to former Chief Operating Officer John Havens. The bank said that the new incentive is to reflect the progress the bank made in 2012 and work they did in some earlier years.

Mr. Pandit had resigned a month ago after Chairman Michael O'Neill reportedly told him that his work was not satisfactory. Michael Corbat, head of Europe, Middle East, and Africa for Citigroup, was named the new chief executive of the financial giant.

Mr. Pandit had assumed his duty at the top job just as the financial crisis began and took the bank through three government rescues and a series of subsequent miscues. O'Neill was reportedly concerned after the bank was unable to get approval from the regulators for return capital to shareholders this year.

"While Citi will also honor all past awards that they are legally entitled to, there are no severance payments. Awards to which they are not legally entitled have been forfeited," O'Neill said in the statement from the company.