Annual salary of AIG’s previous chief executive, Edward Liddy = $1.

Annual salary of AIG’s new chief executive, Robert Benmosche = $7m in cash and stock.

DealBook reports:

The American International Group said Monday that it will pay its new chief executive, Robert H. Benmosche, $7 million a year in cash and stock, a shift from the $1 a year the beleaguered insurer paid its last leader.

Mr. Benmosche, a former chief executive for rival MetLife, will also be eligible for a performance bonus of up to $3.5 million in A.I.G. stock, the company said in a regulatory filing.

The pay package has received preliminary approval by Kenneth R. Feinberg, the Obama administration official in charge of overseeing compensation for top executives at seven firms bailed out by the federal government.

Related links:
SEC charges Hank Greenberg with talking up AIG – FT Alphaville
“AIG is to money as black holes are to light: sucky” – FT Alphaville
Former Amex chief tipped for AIG chair – FT

This entry was posted by Stacy-Marie Ishmael on Monday, August 17th, 2009 at 21:31 and is filed under Capital markets, People. Tagged with aig, Edward Liddy, Robert Benmosche. Edit this entry.