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AIG's board denies CEO 2016 cash bonus after dismal earnings

Peter Hancock, chief executive officer of American International Group
Michael Nagle | Bloomberg | Getty Images
Peter Hancock, chief executive officer of American International Group

American International Group board of directors declined to award Chief Executive Officer Peter Hancock a cash bonus for his work last year, after the company's dismal financial performance roiled shareholders, according to a proxy filing on Thursday.

He did receive his salary and a longer-term incentive in equities that will start to pay out in 2019.

The insurance company's board has also re-nominated Samuel Merksamer, who represents billionaire Carl Icahn, to serve on the board for another term. Merksamer, who exited the activist
investor's firm, Icahn Capital, a unit of Icahn Enterprises, last year, would continue as Icahn's representative, according to the proxy filing.

Watch: Peter Hancock to step down