AIG chief gets OK for $10.5 million pay package

By doris | Published: October 7, 2009

Full Story atmoney.cnn.com

NEW YORK (CNNMoney.com) — AIG Chief Executive Robert Benmosche’s $10.5 million annual pay package has been formally approved by Obama administration pay czar Kenneth Feinberg.

According to a letter to Treasury’s compensation committee dated Oct. 2, Feinberg said Benmosche’s package, $4 million of which is in stock options, is comparable to that of other CEOs.

Benmosche, who took over the bailed out insurer’s reins in August, will take home $3 million in cash. His “stock salary” will come in equally divisible, bimonthly payments of common shares. Under the terms of his pay deal, he can’t sell those shares until August 2014.

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One Comment

  1. Doris
    Posted October 7, 2009 at 4:39 am | Permalink

    Why is he getting so much money for one year . It must be really hard to set in an office and telling people what to do to make money. Why does the person that make the product get paid so little, It does not make scene to me, And now with the job market is you can’t get a job. No one is worth that kind of money.

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