Former AIG CEO Sullivan Gets $47M Severance Package
The former chief executive of American International Group (AIG), Martin J. Sullivan, received a $47 million severance package from the world's largest insurer.
Sullivan, who left his position in mid-June after two quarters of record losses at AIG and whose resignation took place on Tuesday, 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. He also will hold on to outstanding equity and long-term cash awards valued at about $28 million, the filing said.
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.
Having worked for AIG for 37 years, Sullivan will also be provided an office and an assistant until the end of the year.
Source: Source: CNBC | Published on July 2, 2008
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