AIG Executive Quits Over Pay Caps
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American International Group (NYSE: AIG) lost a top executive on Wednesday over the pay restrictions being placed on the bank b the Obama administration's pay czar, Kenneth Feinberg.
AIG's vice chairwoman for legal, human resources, corporate affairs and communications, Anastasia Kelly resigned Wednesday and is reportedly eligible for severance pay according to the terms of her agreement with the company.
Kelly's pay fell under the restrictions placed by Feinberg as a part of the government bailout money given to the bank.
Feinberg set the compensation structures for AIG and three other bank’s 26th to 100th highest paid executives, while limiting most of the cash salaries to $500,000.
In addition, the company said that chief compliance and regulatory officer Suzanne Folsom had left AIG to pursue other opportunities. It was not made clear if her departure was related to the pay restrictions.
AIG had to be infused with $180 billion in taxpayer dollars to keep it from collapsing in September 2008. The government now owns an 80 percent stake in the company that was once the world's largest insurer by market value.
Shares of AIG are valued at $30.60 before the market opens on Thursday.
AIG's vice chairwoman for legal, human resources, corporate affairs and communications, Anastasia Kelly resigned Wednesday and is reportedly eligible for severance pay according to the terms of her agreement with the company.
Kelly's pay fell under the restrictions placed by Feinberg as a part of the government bailout money given to the bank.
Feinberg set the compensation structures for AIG and three other bank’s 26th to 100th highest paid executives, while limiting most of the cash salaries to $500,000.
In addition, the company said that chief compliance and regulatory officer Suzanne Folsom had left AIG to pursue other opportunities. It was not made clear if her departure was related to the pay restrictions.
AIG had to be infused with $180 billion in taxpayer dollars to keep it from collapsing in September 2008. The government now owns an 80 percent stake in the company that was once the world's largest insurer by market value.
Shares of AIG are valued at $30.60 before the market opens on Thursday.
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