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NEW YORK (CNNMoney.com) — After balking at government imposed pay restrictions, American International Group’s chief executive Robert Benmosche has officially agreed to a $10.5 million non-compete contract, the company announced Tuesday.

Benmosche, who was named CEO in August, had expressed frustration with the constraints placed on AIG by the government after the global insurance company was bailed out last year.

He reportedly threatened to quit his post in board meetings earlier this month, before issuing a statement saying he is “totally committed” to staying on as CEO.

This entry was posted on Wednesday, November 25th, 2009 at 5:19 am and is filed under Banking, Business, Deals, Foreclosure, Government, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.