Pay czar agrees as basket of AIG stock rejected by staff
AIG will use shares of AIG common stock in the compensation packages of some of its top employees rather than stock from a basket of AIG companies, demanded by pay czar Kenneth Feinberg, Dow Jones reports.
AIG asked that the stock salary in some cases be granted from common stock of AIG itself, rather than the basket, and Feinberg agreed. The 2009 stock grants are redeemable over three years.
The four AIG subsidiaries that were to make up the basket of stock units were:
- American International Assurance
- American Life Insurance
- Chartis
- AIG's domestic life & retirement services business.
