Benmosche Gets $7 Million Salary to Take on AIG Turnaround Task

Source: Bloomberg

Aug. 18 (Bloomberg) -- American International Group Inc. Chief Executive Officer Robert Benmosche will get a $7 million annual salary to take on a job that has stymied three of his predecessors.

Benmosche, who started this month as CEO and president of AIG, once the world’s largest insurer, will get $3 million in cash and $4 million in common stock, the firm said yesterday in a regulatory filing. Benmosche, 65, also is eligible for as much as $3.5 million a year in long-term incentive awards.

“This is a lot of money, but this kind of pay is not extraordinary for a CEO of a major financial services firm,” said Jeanne Branthover, a managing director at Boyden Global Executive Search Ltd. in New York. “The cash component had to be enough to attract a very strong candidate and give that person enough incentive to make a change.”

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Benmosche’s agreement was approved “in principle” by Kenneth Feinberg, the Obama administration’s so-called special master for pay at firms that took the most bailout funds, AIG said. Benmosche isn’t eligible for severance if he’s terminated.

Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=aFSsdpXa9g9s

he must poop gold to earn that kind of pay

It's the bonus that will knock your socks off.

will he be able to turn it around before it crashes lol:nuke:

do it for $6.5 million.