On November 24, 2009
Ailing AIG Gets Good News: Benmosche to Stay
American International Group put out a short, but important, statement after its board meeting today: it will implement chief executive Robert Benmosche’s compensation agreement. The somewhat erratic CEO has signed a non-compete agreement making it likely that he will stay around for awhile. Non-compete means that he can’t go to work for any other insurer, but since Battling Bob was brought out of retirement to run AIG, that probably wouldn’t have happened anyway. To those who feel AIG executives are already overpaid, his salary and bonus is likely to stick in their craw. Benmosche will get $3 million in cash, $4 million in AIG stock and an additional $3.5 million (not mentioned in the release) in long-term compensation this year. But…
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