Citi cuts outgoing CEO's incentive compensation award for 2020

The personnel and compensation committee of Citigroup Inc.'s board determined that outgoing CEO Michael Corbat's annual compensation for 2020 is about $19.0 million, 20.7% lower than 2019.

The package consists of Corbat's previously established base salary of $1.5 million and a total incentive award of roughly $17.5 million.

In a filing, the company said the compensation committee slashed Corbat's incentive compensation award based on its assessment of his performance related to risk and control concerns that underlie consent orders that were entered into between Citi and the Federal Reserve Board and the Office of the Comptroller of the Currency in 2020.

Citi said the reduction also took into account a one-time shared responsibility adjustment which impacted the executive management team for such concerns.