- Embattled Fund Shifts Cost of Suits to Investors
- CEOs Weigh In on How To Revive Economy
- Trump Sees Act of God in Recession
- Huge Job Losses Could Be Signal That Worst Is Over
- Energy Goals a Moving Target for States
- Brown-Forman Profit Rises; Boosts 2009 Outlook
- Congress Weighing Major Restructuring of Auto Makers
- Plunging Yields Take Shine Off Treasurys
- Job Losses Hit 533,000 Last Month, Worst in 34 Years
- Mad Money Marriages
- Etnies: One Party For Adidas, Two Parties For Us
- Apple Apps "Bubble" Talk Just That, As Downloads Soar
- Gatorade Inventor Saga Finally Over?
- Texas Tech's Mike Leach Is One "Weird" Coach
- Pfizer's Statin Study: What An Email Response!
- PGA Spokesman: Sponsors Believe In Us For Long Term
- Kilduff: Expect Rebound In Oil Prices Early 2009
- How to Move Forward After a Layoff, Part 2
Text Size 
American International Group said it paid a $47 million severance package to former Chief Executive Martin J. Sullivan, whose resignation took effect on Tuesday.
Sullivan, who left his position in mid-June after two quarters of record losses at AIG [AIG
Loading...
()
], will receive severance of $15 million, and a bonus of $4 million for the portion of the year he worked, according to a regulatory filing.
Sullivan also will hold on to outstanding equity and long-term cash awards valued at about $28 million, the filing said.
From 'Fast Money': |
His resignation is being treated as for "good reason" meaning he is entitled to the severance package outlined in his employment agreement but contingent on his not competing with AIG for business for one year.
Sullivan, who worked at AIG for 37 years, also will be provided an office and an assistant until the end of December.
Print
Email
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes