American International Group Inc. Chief Executive Robert
Benmosche received total compensation of $14.8 million in 2013, a
40% increase over the prior year's $10. 6 million total, as the
insurer's directors substantially boosted his short-term bonus for
exceeding various targets.
The pay package for Mr. Benmosche, 69 years old, who has headed
AIG since 2009, included a 24% drop in base salary, to $2.3
million, according to the company's annual proxy released
Thursday.
His stock awards were valued at $6.5 million, and he also
received a short-term cash incentive award of $6 million,
representing 150% of his bonus opportunity. Of the $6 million, half
is deferred until March 2015.
AIG received one of the government biggest bailouts during the
financial crisis, which was fully repaid by the end of 2012. It had
voluntarily disclosed forward-looking pay information for 2013 as
it was transitioning from federal oversight, which had included pay
curbs. This year's proxy doesn't include details about 2014
compensation.
AIG's directors in the proxy cited a range of financial,
strategic and operational achievements by Mr. Benmosche. They
included exceeding a pretax operating-income target for the company
by a wide margin, putting AIG on track to successfully divest its
aircraft-leasing business, progress toward improving ratings-agency
opinions on AIG and retiring $5.3 billion of liabilities (excluding
scheduled maturities).
The next highest-paid executive disclosed in the proxy was Peter
Hancock, the head of AIG's property-casualty operation. His
compensation was $9.6 million for 2013, up from $8 million the
prior year.
Close behind was Jay Wintrob, who heads the company's life and
retirement unit, at $9.4 million in compensation, up from $7.4
million.
The company also named a new board nominee. It said Peter R.
Fisher, a senior fellow at the Center for Global Business and
Government at the Tuck School of Business at Dartmouth College and
former head of fixed income at BlackRock Inc., would stand for
election as the company expands its current 13-member board. Mr.
Fisher continues to serve as a consultant to the BlackRock
Investment Institute, AIG said.
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