AIG boss says he will stay despite threatening to go
AIG chief executive Robert Benmosche yesterday said he remained “totally committed” to staying at the company, countering an earlier suggestion that he was considering stepping down.
In a letter to employees, Benmosche said he and the company’s board were “frustrated” about restrictions on pay and were in discussions with the US government about them, but that he would stay nonetheless.
AIG, which has received up to $180bn (£109bn) of federal aid, including more than $80bn in loans, and is now 80 per cent-owned by US taxpayers, posted its second straight quarterly profit last week, helped by a recovery in the value of its investments.
Benmosche said compensation restraints present a “barrier that stands in the way of restoring AIG’s value”.
Benmosche was so frustrated that he told the company’s board last week he was considering stepping down.