Citigroup said Thursday its former Chairman and Chief Executive Officer, Charles Prince, will retire from the firm with a roughly $40 million retirement package.
The package, according to a securities filing, includes $16.05 million in the vesting of deferred stock, vesting of restricted shares worth $10.7 million and vesting of options worth $1.28 million.
His 2006 bonus and stock awards were worth $23.8 million, adjusted for the total shareholder return for 2007, with a decline of about 38 percent. That totals about $12.3 million.
In addition, Prince currently owns about $53 million in Citigroup shares.
Prince will continue as an employee of the company until the end of the year, advising new Chairman Robert Rubin and Acting CEO Sir Win Bischoff.
He will also be given an office and an administrative assistant, car and driver for up to five years, or until he gains full time employment elsewhere.