Citicorp paid its chairman and chief executive officer, John S. Reed, $4 million in cash last year and granted him options on shares worth $36.2 million when exercised, according to the company's proxy statement.

The combination was 15.4% higher than in 1996.

Mr. Reed exercised none of his options in 1997. He has 650,000 exercisable options, worth about $57 million. He also owns restricted stock worth nearly $28 million, according to the proxy, which was issued Friday in anticipation of the company's annual meeting April 21.

The options granted to Mr. Reed for 1997 become exercisable when Citicorp's share price reaches $200 for 10 trading days in a 30-trading-day period. But this has not yet happened.

Because of the Asian economic turmoil and a $556 million after-tax restructuring charge, Citicorp's net income fell 5% in 1997, to $3.59 billion. Its stock price rose 21%; Citi shares now trade at $130.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.