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Tuesday, November 24, 2009
AIG Signs Off on Benmosche's Compensation Agreement
By Kathryn Glass
FOXBusiness
Bailed-out insurer American International Group, Inc. (AIG) announced Tuesday that its Chief Executive Robert Benmosche's compensation agreement has been approved by the company and will go forward.
The Wall Street Journal reported online, Tuesday, that Benmosche signed a noncompete agreement which prevents him from moving to competing insurance companies and officially commits him to his position as chief executive of the company.
The paper reported that Benmosche’s signing the agreement allows him to receive an annual salary of $3 million in cash and $4 million in AIG common stock, which he will receive in bi-weekly awards, according to a statement from the company. The stock vests immediately but cannot be sold for five years from August 10, 2009, when Benmosche was hired.
Shares of AIG fell 28 cents or 0.79%, to close at $35 a share in Tuesday’s session, before rising another 21 cents or 0.60% in after-hours trading.
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