AIG says general counsel resigns over pay cap

December 31, 2009

CHARLOTTE, N.C. - American International Group Inc. has lost a top executive due to the government's limits on executive pay. AIG said Wednesday that vice chairman and general counsel Anastasia Kelly has resigned, effective immediately. Kelly left because of the reduction in her base salary that was mandated by the government's pay czar, Kenneth Feinberg, AIG said. Companies like AIG that hold government bailout funds are subject to restrictions including limits on executive pay; in AIG's case, that's the insurer's 100 highest-paid employees. The government has given AIG a bailout package worth up to $182.5 billion in exchange for an 80 percent stake in the New York-based company. Last month, the insurer said it cut the salaries of three top executives to comply with the pay restrictions.

- Associated Press

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