American International (NYSE:AIG)
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The Treasury Department Friday said it froze pay packages for chief executives at the three remaining companies that received massive bailouts during the financial crisis and are still partly government owned.
Overall chief executive compensation at American International Group Inc. (AIG), General Motors Co. (GM) and Ally Financial Inc. will not change from 2011 to 2012, Treasury said. There will be some modification to the mix of salary and shares.
Companies receiving exceptional assistance through the Troubled Asset Relief Program agreed to submit pay proposals to a Special Master for Executive Compensation as part of their bailout terms.
Treasury helps set pay packages for the top 25 executives at the companies. Overall cash compensation for top executives shifted, with some gaining, and some losing or staying put.
As a group, the top 25 executives at each of the three companies saw overall direct compensation--cash plus stock--decrease 10% from 2011 levels. The decrease reflects in part departures of some of the higher-paid employees.
AIG, GM and Ally are the only three left out of the original seven companies where the government still owns a stake.
-By Jeffrey Sparshott, Dow Jones Newswires; 202-862-9291; email@example.com