On February 13, 2025, Citigroup Inc. (C, Financial) disclosed that its Compensation, Performance Management and Culture Committee has approved the incentive compensation awards for 2024 performance for its Chief Executive Officer, Jane Fraser. The decision reflects the committee's confidence in Ms. Fraser's strategic priorities and her effective execution towards enhancing safety, soundness, and long-term sustainable growth.
The committee emphasized Ms. Fraser's focus on executing Citigroup's risk and control transformation, aligning the organizational structure with business strategy, and simplifying the business by exiting or winding down remaining international consumer markets. These efforts are aimed at increasing accountability, transparency, and focus within Citigroup's operations.
For 2024, Ms. Fraser's direct compensation was determined to be $34.5 million, comprising a base salary of $1.5 million and a total incentive award of $33 million. The incentive compensation process at Citigroup begins with goal setting, where scorecards for Ms. Fraser and other executive officers are approved. These scorecards include individual and corporate metrics that drive performance assessments across financial, risk and control, client and franchise, and leadership performance pillars.
The number of shares of deferred stock granted for 2024 was calculated by dividing the nominal amount awarded in deferred stock by the average closing prices of Citigroup common stock over the five business days preceding the grant date, which was $81.432. The target number of Performance Share Units (PSUs) was determined using the same method.
Further details on Citigroup's incentive compensation programs and the material elements of the 2024 compensation for Ms. Fraser and other named executive officers will be available in Citigroup's 2025 Proxy Statement for the Annual Meeting of Stockholders, expected to be filed with the U.S. Securities and Exchange Commission in March 2025.
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