Five AIG execs say may quit over pay: Report
New York: Five senior executives at American International Group (AIG.N) told the insurer last week they may quit if their compensation was cut significantly by the US pay czar, the Wall Street Journal reported on Sunday.
The five senior AIG executives indicated on December 1, in written notices, that they were prepared to leave by year-end, the paper report, citing unnamed sources. Two of them changed their minds over the weekend, the paper added.
AIG, which was propped up by the government with some USD180 billion in taxpayer funds, has been sparring with the Obama administration`s pay czar, Kenneth Feinberg, over executive compensation.
Even Chief Executive Robert Benmosche reportedly threatened to quit last month, in part because he did not have discretion over pay packages for top executives.
Feinberg has cut average compensation for the 25 best-paid employees at companies that received multiple bailouts and is setting guidelines for pay for the next 75.
For AIG in particular, Feinberg has vowed to limit bonuses at the company`s financial products unit, whose massive payouts earlier this year sparked huge outrage.
AIG could not be reached immediately late on Sunday.
More from India
More from World
More from Sports
More from Entertaiment
- Jharkhand: 2 dead, several injured in clashes between police, villagers in Ramgarh
- Delhi minister meets Jain monk over Vishal Dadlani tweet controversy
- One killed in annual bull racing in Peru
- 16-year-old Indian-origin boy finds cure for breast cancer treatment
- Heartbreaking! Denied medical help, 12-year-old UP boy dies on dad's shoulder
- 'Indo-US logistic pact is not agreement to set up bases'
- Defiant Rousseff says Brazil's democracy on trial with her
- Small group holding majority to ransom: Manohar Parrikar on Kashmir
- Alphabet executive steps down from Uber board amid growing competition
- Facebook CEO says group will not become a media company