Summary
Citigroup Inc. filed a Form 8-K on December 2, 2016, to report changes in the employment status of Stephen Bird, CEO of Global Consumer Banking. Effective January 1, 2017, Mr. Bird will transition from an expatriate assignment to a local U.S. employee of Citibank, N.A. This change in status will not affect his annual salary of $500,000. He will remain eligible for discretionary annual incentive awards under the same terms as other executive officers. Additionally, Mr. Bird will become eligible for broad-based U.S. employee benefit plans and will receive relocation and expatriate benefits consistent with Citi's established programs. The filing includes a memorandum of agreement detailing these changes.
Key Highlights
- 1Stephen Bird, CEO of Global Consumer Banking, is changing employment status from expatriate to local U.S. employee, effective January 1, 2017.
- 2Mr. Bird's annual salary remains unchanged at $500,000.
- 3He will continue to be eligible for discretionary annual incentive awards.
- 4Eligibility for broad-based U.S. employee benefit plans will commence.
- 5Relocation and expatriate benefits will be provided in accordance with Citi's policies.
- 6The changes were previously disclosed in Citigroup's 2016 Proxy Statement.
- 7The primary purpose of the filing is to document the formal agreement for this employment status change.
Frequently Asked Questions
The main purpose of this 8-K filing is to formally document the changes in employment status for Stephen Bird, CEO of Global Consumer Banking, as he transitions from an expatriate assignment to a local U.S. employee, effective January 1, 2017.
No, Mr. Bird's annual salary will remain at $500,000. He will continue to be eligible for discretionary annual incentive awards under the same terms as other executive officers.
Upon becoming a local U.S. employee, Mr. Bird will become eligible to participate in broad-based U.S. employee benefit plans. He will also receive relocation benefits and benefits related to his expatriate service period, in line with Citi's standard programs.
Yes, the anticipated changes in Mr. Bird's employment status were previously described in Citigroup's 2016 Proxy Statement.