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August 19, 2009

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Boss of bailed-out AIG to get big bucks

AMERICAN International Group Inc's new chief executive officer will be paid a yearly salary worth US$7 million and could earn millions more in performance-based incentives, the bailed-out insurance giant said on Monday.

Robert Benmosche will receive US$3 million in cash and US$4 million in stock under his annual compensation package, AIG said in a filing with the US Securities and Exchange Commission.

During the credit crisis last fall, the government rescued AIG from the brink of collapse with a bailout package worth up to US$182.5 billion. The government now owns roughly 80 percent of the huge insurer. AIG is now shedding assets and cutting costs as it restructures.

Benmosche, a former MetLife Inc chairman and CEO, was named president and CEO of AIG on August 3. He replaced CEO Edward Liddy, former CEO of Allstate Corp, who took over last fall after the government rescued the New York-based insurer.

Liddy, who agreed to run the company for an annual salary of US$1, refused an equity grant he was expected to receive as compensation.

Benmosche will also be eligible for a yearly performance-based bonus of up to US$3.5 million in stock, according to the company.


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