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
- Outrage over Tanmay Bhatt's video mocking Lata Mangeshkar, Sachin Tendulkar
- VHP's women wing Durga Vahini gives arms training to children!
- Heavy rain disrupts flight operations in Delhi
- MP: Liquor mafia attacks police, journalists with weapons
- Attack on African nationals: Gen VK Singh slammed for his statement
- Major trouble for Tanmay Bhat! Raj Thackeray-led MNS vows to thrash him for mocking Sachin Tendulkar, Lata Mangeshkar
- Sahara group puts out huge 4,700 acres of land for sale
- Sensex shows traction, up 117 on monsoon update, strong Q4
- High-speed Spanish Talgo train begins trial run, to be introduced on Delhi-Mumbai route
- Want to improve your sex life? Ditch tampons for menstrual cups!