AIG staff quit over cap on pay
By Ieva M. Augstums |
January 1, 2010, Friday
|
Print Edition
Print Edition
AMERICAN International Group Inc has lost a top executive due to the government's limits on executive pay.
AIG said on Wednesday that vice chairman and general counsel Anastasia Kelly has resigned, effective immediately.
Kelly left because of the reduction in her base salary that was mandated by the government's pay czar, Kenneth Feinberg, AIG said.
Companies like AIG that hold government bailout funds are subject to restrictions including limits on executive pay. In AIG's case, that's the insurer's 100 highest-paid employees. The government has given AIG a bailout package worth up to US$182.5 billion in exchange for an 80 percent stake in the New York-based company.
AIG also said Suzanne Folsom, chief compliance and regulatory officer, has left to pursue other opportunities.
The company did not say if pay was a reason for her departure.
Last month, the insurer said it cut the salaries of three top executives, including Chief Financial Officer David Herzog, to comply with the pay restrictions.
The insurer, however, has said it would go ahead with a previously announced pay package for CEO Robert Benmosche of US$7 million. Benmosche, who took over as CEO of the embattled insurer in August, will receive an annual salary of US$3 million in cash and US$4 million in AIG common stock under the pay agreement, the company said.
AIG said on Wednesday that vice chairman and general counsel Anastasia Kelly has resigned, effective immediately.
Kelly left because of the reduction in her base salary that was mandated by the government's pay czar, Kenneth Feinberg, AIG said.
Companies like AIG that hold government bailout funds are subject to restrictions including limits on executive pay. In AIG's case, that's the insurer's 100 highest-paid employees. The government has given AIG a bailout package worth up to US$182.5 billion in exchange for an 80 percent stake in the New York-based company.
AIG also said Suzanne Folsom, chief compliance and regulatory officer, has left to pursue other opportunities.
The company did not say if pay was a reason for her departure.
Last month, the insurer said it cut the salaries of three top executives, including Chief Financial Officer David Herzog, to comply with the pay restrictions.
The insurer, however, has said it would go ahead with a previously announced pay package for CEO Robert Benmosche of US$7 million. Benmosche, who took over as CEO of the embattled insurer in August, will receive an annual salary of US$3 million in cash and US$4 million in AIG common stock under the pay agreement, the company said.
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