WASHINGTON -(Dow Jones)- Citigroup Inc. (C) executives have just gotten an early Christmas present from the U.S. government: confirmation that they won’t be subject to special-master pay rulings in 2010.
Citigroup has paid back $20 billion of the total $45 billion in aid it received from the Troubled Asset Relief Program, meaning it no longer is receiving the type of exceptional assistance that warrants the special master’s oversight, Treasury said in a letter to the company Wednesday.
The Treasury on Wednesday also said it, Citigroup, the Federal Reserve and the Federal Deposit Insurance Corp. have terminated a loss-sharing agreement on a $300 billion pool of Citi’s assets. The government didn’t suffer any losses related to the agreement, Treasury said.
The decision on Citigroup is among many the Treasury released late Wednesday.
Kenneth Feinberg, the Treasury’s special master for compensation, also has approved a $6.2 million 2010 annual pay package for Christopher Liddell, set to begin work as General Motors’ new chief financial officer next month.
Liddell will receive an annual cash salary of $750,000, an annual stock salary valued at $3.45 million and an annual restricted stock grant valued at $2 million.
Feinberg has approved a pay package valued at up to $9.5 million for Michael Carpenter, GMAC’s new chief executive. Carpenter is set to receive a cash salary of $950,000, stock salary of $5.42 million and a long-term restricted stock grant of up to $3.14 million.
Feinberg also approved $600,000 in annual director pay for Chrysler Group LLC Chief Executive Sergio Marchionne. In addition to the director pay, Marchionne also is receiving an undisclosed annual salary from Fiat SpA (FIATY, F.MI).
Meena Thiruvengadam, Dow Jones Newswires