AIG Chief Executive Robert Benmosche’s $10.5 million annual pay package has been formally approved by Obama administration pay czar Kenneth Feinberg. According to a letter to Treasury’s compensation committee dated Oct. 2, Feinberg said Benmosche’s package, $4 million of which is in stock options, is comparable to that of other CEOs.
Benmosche took over the bailed out insurer’s reins in August. He will take home $3 million in cash, and will also be eligible for $3.5 million in annual performance bonuses. The bonus will be prorated for 2009. AIG can recover his bonus if he deceives shareholders.