Top AIG exec gets US$4.3m rise
By Martin Crutsinger |
December 23, 2009, Wednesday
|
Print Edition
Print Edition
A top executive of American International Group Inc has been granted a US$4.3 million pay-package bump by the troubled insurance giant's majority owner - the United States government - because the executive has decided to remain with the company.
Kenneth Feinberg, the Obama administration's pay czar, approved an AIG request to grant the executive a long-term compensation package that includes stock options with a current value of US$3.26 million and an additional incentive award of up to US$1 million. The package comes on top of the executive's 2009 base salary of US$450,000.
In a letter released by the Treasury Department on Monday, Feinberg said he was granting the request so that the executive's long-term compensation package would be comparable to those already granted to AIG's other top 25 executives. The executive had been planning to leave the company and had not been granted long-term compensation benefits.
Treasury, citing privacy restrictions, refused to reveal the executive's name.
Kenneth Feinberg, the Obama administration's pay czar, approved an AIG request to grant the executive a long-term compensation package that includes stock options with a current value of US$3.26 million and an additional incentive award of up to US$1 million. The package comes on top of the executive's 2009 base salary of US$450,000.
In a letter released by the Treasury Department on Monday, Feinberg said he was granting the request so that the executive's long-term compensation package would be comparable to those already granted to AIG's other top 25 executives. The executive had been planning to leave the company and had not been granted long-term compensation benefits.
Treasury, citing privacy restrictions, refused to reveal the executive's name.
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