Citigroup Inc. Chairman Sanford I. Weill’s total 2003 compensation soared to more than $30 million last year, up from about $1.6 million in 2002.
The increase was a result of Citigroup’s awarding Weill a $29 million bonus, the financial services giant said in a proxy filing late Tuesday.
Weill, who stepped down as chief executive in October, received a $1 million base salary, unchanged from previous years.
Weill’s $30.7 million in compensation doesn’t include the roughly $13.9 million worth of stock options that Citigroup granted him last year. In addition, Weill, who will remain chairman of the board until 2006, cashed in about 1.3 million stock options in 2003, realizing about $23.4 million.
Charles Prince, who replaced Weill as CEO on Oct. 1, had total compensation rise to $26.81 million. That was more than four times the $5.81 million in total compensation that he took home in 2002.
Citigroup awarded Prince about $19.21 million of restricted stock last year, compared with a $3 million grant in 2002. Prince’s bonus climbed to nearly $7 million in 2003, a roughly threefold increase from his 2002 bonus.
In addition, Citigroup last year granted Prince about 436,000 stock options valued at about $2.4 million. Prince realized about $4.59 million through exercising stock options.
Robert B. Willumstad, Citigroup’s president and new chief operating officer, received a $6.93 million bonus and $18.43 million worth of restricted stock. In 2002, his bonus was $4.51 million and Citigroup granted him restricted stock worth about $2.23 million. Willumstad’s salary also increased to $800,000 from $512,500 the previous year.
At $26.16 million, Willumstad’s total compensation was about 3.6 greater than the $7.26 million that he received in 2002. Like Prince, Willumstad received stock options valued at about $2.39 million and gained $4.45 million exercising options.
Shares of New York-based Citigroup closed at $49.99 Tuesday, up 87 cents, or 1.8 percent, on the New York Stock Exchange.
