The compensation committee of Citigroup's ( NYSE: C ) board awarded Jane Fraser compensation of $24.5M for 2022, her first full year as CEO of the company, the company disclosed on Tuesday. That compares with the $22.5M pay package she received in 2021.
The compensation committee increased the portion of Fraser's incentive pay that will be based in deferred Citi ( C ) common stock to 35% in 2022 from 20% in 2021 and reduced the portion of her compensation that will be paid in cash to 15% from 30%.
Her base salary is $1.5M and cash incentive pay is $3.45M, or 15% of her total incentive award.
Deferred stock, valued at $8.05M, comprises 35% of her total incentive award and vests ratably over four years subject to performance conditions, the company said. Performance share units, or PSUs, valued at $11.5M, make up 50% of her total incentive award, according to the filing.
The company said the committee took into account a number of factors in her individual performance, including setting a clear set of priorities for Citi ( C ) to increase shareholder over time and its progress in simplifying the company and the consumer banking's plan to exits a number of markets.
She has also made strengthening the company's risk and control environment a strategic priority and "management has made progress on addressing the primary drivers of our risk management issues," the company said.
By contrast, JPMorgan Chase's ( JPM ) Jamie Dimon was awarded $34.5M in pay for 2022, unchanged from 2021, while Goldman Sachs's David Solomon saw his pay cut to $25M in 2022 from $35M in the prior year.
During 2022, Citi ( C ) stock fell 28%, compared with JPM stock, which slid 17% and Goldman ( GS ), which dropped 13%, as seen in this chart.
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Citigroup's Jane Fraser gets $24.5M in pay for 2022 in first full year as CEO