Tuesday, July 1, 2008

UPDATE: Former AIG Chief Executive Breaks Bank

Former AIG Chief Executive Officer Martin Sullivan can throw a few extra hamburgers on the grill this Fourth of July.

AIG has agreed to give Sullivan, 53, around $47 million in severance and long-term compensation.

Sullivan, who was replaced by Robert Willumstad last month, will receive $15 million in severance pay, a bonus of $4 million and equity and long-term cash awards valued at about $28 million, the New York-based company said in its regulatory filing.

During Sullivan's tenure as CEO, the company reportedly lost 46 percent of its market value.

So much for getting paid for a job well done.

Give us your opinion...should Sullivan have gotten $47 million in compensation?

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