Posted on 08 Jan 2009
Seven senior executives of American International Group (AIG) will not be receiving $3 million in deferred compensation that they were expecting to be paid by April.
The seven senior executives who will not receive the disbursements that had been expecting by April include Jay Wintrob, head off AIG's life operations. He had been due about $1.9 million, according to November figures. Wintrob received $7.5 million in salary, bonus, incentives and stock and options awards in 2007, according to filings.
David Herzog, the company's recently appointed chief financial officer, was to have received about $371,000 by April.
Five others, including investment executive Win Neuger, were due $800,000 under the plan, AIG said.
In addition to senior executives, former employees and agents will also not receive accelerated payments, AIG said. The total that was to have been paid to these individuals was $90.3 million.