AIG boss nets $7m a year

City A.M. Reporter
AMERICAN INTERNATIONAL GROUP (AIG), the government-controlled insurer, said yesterday its new chief executive Robert Benmosche will be paid $7m (&pound;4.3m) a year and could earn millions more in performance bonuses on top of that.<br /><br />Benmosche will receive $3m in cash and $4m in stock under his annual pay package, AIG said in a filing with the Securities and Exchange Commission.<br /><br />In addition Benmosche will be eligible for a yearly performance-based bonus of up to $3.5m in stock. <br /><br />The firm said the US government&rsquo;s new federal pay czar, Kenneth Feinberg, has agreed in principle to Benmosche&rsquo;s pay package.<br /><br />The government rescued AIG from the brink of collapse with a bailout package worth up to $182.5bn last autumn. <br /><br />The government now owns around 80 per cent of the business.