Say-On-Pay Gets A Lift As Citigroup CEO Steps Down

Law360, New York (October 16, 2012, 9:07 PM EDT) -- A dramatic vote by Citigroup Inc. shareholders to reject CEO Vikram Pandit’s pay in April set off a wave of say-on-pay suits that have largely failed, but experts said Pandit’s abrupt resignation Tuesday suggests the votes remain a powerful tool outside of court.

Citigroup said its board had voted to accept the resignation and immediately replace Pandit with Michael Corbat, formerly CEO of the bank’s operations in Europe, the Middle East and Africa. The surprise move capped a nearly five-year tenure in which Pandit struggled to...
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