Citigroup Proxy Shows Weill Got $29 Million Bonus

A federal filing Tuesday afternoon showed that Citigroup ( C) Chairman Sanford Weill received a $29 million bonus and options worth $14 million on top of his $1 million salary in 2003.

The payout came during a period of immense profitability for Citigroup, a year in which earnings rose 17% to $18 billion -- the most of any publicly traded U.S. corporation. The company's stock rose 37% during 2003.

Weill announced in October that he would step down as CEO. Charles Prince, his successor, got about $28 million in overall compensation for 2003, the proxy shows, including restricted stock worth $19 million.

Weill's cash position was greatly improved in 2003. The company's Securities and Exchange Commission proxy statement noted that Weill sold 5.57 million Citigroup shares back to the company at $47.15 each for gross proceeds of more than $262 million on Oct. 2. The company announced the buyback when it happened.

"In order to prevent possible disruption to the market such a sale could cause, the board approved the purchase by Citigroup of shares of common stock from Mr. Weill, an employee, making an exception to Citigroup's policy regarding such purchases," the filing read. After the sale, Weill held 16.7 million Citigroup common shares.

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