AIG Former CEO Willumstad Says No Thanks to $22M Severance
Former Chief Executive Robert Willumstad of American International Group Inc. (AIG) has rejected a $22 million severance payment, according to the Wall Street Journal.
In an email to his successor, Edward Liddy, Willumstad reportedly decided to forego the severance since he was not able to execute the restructuring plan he had developed.
The WSJ also reported major shareholders concerned about the government takeover were planning to meet on Monday to discuss alternatives to the federal bailout, citing a person familiar with the matter.
Willumstad was asked to stepped down after the Federal Government stepped in to bail out the insurance giant.
Published on September 22, 2008
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