American International Group Incorporated would pay its top executives $2.2m less this year than it did in 2010, as Chief Executive Officer Robert Benmosche’s compensation remained at $10.5m, Bloomberg reported on Friday.
American International Group Incorporated, the insurer working to exit a United States government rescue, will pay its top executives $2.2m less this year compared with 2010 as Chief Executive Officer, Robert Benmosche’s compensation remains at $10.5m.
Total compensation for the 23 executives declined by about 2 per cent, New York-based AIG said on Friday in a filing. Benmosche, hired out of retirement in August 2009, is being paid $3m in cash and $7.5m in stock.
AIG was saved from collapse in September 2008 by a federal bail-out that ballooned to $182.3bn. In the fourth quarter of 2008, AIG reported the biggest quarterly loss in US corporate history.
Benmosche, 66, has reshaped AIG through more than $50bn of asset sales and is seeking private investors as the US Treasury Department divests its 92 per cent stake. Benmosche sold a non-US life insurer to MetLife Incorporated for $16.2bn and raised $20.5bn divesting a majority stake in Hong Kong-based AIA Group Limited.
Chief executive officers at other bailed-out companies, General Motors Company and Ally Financial Incorporated, also won’t receive pay increases this year, the US Treasury Department said.
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AIG executive pay declines by 2%