Pay czar agrees to boost AIG exec's pay package

December 22, 2009

WASHINGTON - A top executive of American International Group Inc. has been granted a $4.3 million pay-package bump by the troubled insurance giant's majority owner - the U.S. government - because the executive has decided to remain with the company. Kenneth Feinberg, the Obama administration's pay czar, approved an AIG request to grant the executive a long-term compensation package that includes stock options with a current value of $3.26 million and an additional incentive award of up to $1 million on top of the executive's 2009 base salary of $450,000. In a letter released by the Treasury Department Monday, Feinberg said he was granting the request so that the executive's long-term compensation package would be comparable to those already granted to AIG's other top 25 executives. The executive's name was not disclosed.

- Associated Press

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