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AIG chief Benmosche to get more money
Russia News.Net
Wednesday 25th November, 2009
The pay of AIG Chief Executive Robert Benmosche has been increased to $7 million.
AIG's board authorised the compensation package, which means means the company will pay Benmosche an already agreed annual salary of $3 million in cash and $4 million in fully-vested AIG stock.
As part of the deal, Benmosche has signed an agreement preventing him from working for AIG's competitors when he eventually leaves the company.
He will also be restricted from selling the vested AIG stock for five years.
The agreement came about after Benmosche told the board he was thinking of quitting because of the extent of governmental oversight over the company, including pay increases for executives.
AIG is the insurer that received billions of dollars in a US bailout.
It was saved last September by the bailout that has grown to as much as $180 billion.
The company is around 80 percent-owned by US taxpayers.  Email this story to a friend
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