New A.I.G. CEO Scores Big Payday of $7 Million a Year

August 19, 2009

(ChattahBox)—A.I.G has significantly increased its chief executive’s salary from the paltry $1 a year paid to Edward Liddy last fall. The insurance giant announced on Monday that its newly hired CEO, Robert H. Benmosche would be paid a compensation package worth $7 million a year in cash and stock.

Benmosche, a former MetLife executive, would also be in line to receive a performance bonus of up to $3.5 million in A.I.G. stock. His $7 million a year salary consists of $3 million in cash and $4 million in stock.

A.I.G. warned Benmosche that his compensation would be subject to clawbacks from the Fed, if it were found that his compensation package was based on financially misleading data. Benmosche is also not eligible for a severance package in the event he is fired from his top post.

Source


Comments

One Response to “New A.I.G. CEO Scores Big Payday of $7 Million a Year”

  1. Old Man Dotes on August 19th, 2009 4:06 pm

    Of course, those compensation packages might be greatly reduced by a “public option” if the USA ever gets national health care.

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