Pandit to pay for personal use of Citi corporate jet

New York: Citigroup, which is going through its worst-ever financial crisis, allows its India-born CEO Vikram Pandit to fly anywhere in its corporate jet, but he will have to pay the company back for any personal use of the aircraft.
In an annual meeting notice being sent to all its shareholders, Citigroup has revealed that Pandit signed a pact on December 12, under which, he would have to reimburse the company for any personal use of the Citi's corporate aircraft.
The agreement was signed just a day after Pandit assumed office as CEO of Citigroup with effect from December 11.
However, his busy official schedule ever since taking over from his predecessor Charles Prince charge of the embattled Wall Street giant does not seem to have given Pandit any chance for a personal use of the aircraft, as he has not made any such reimbursement as yet.
16/03/08 PTI/Economic Times

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Categories: Foreign Mar 2008