Kenneth R. Feinberg, the Obama administration’s special master of compensation, is expected to approve American International Group CEO Robert Benmosche’s $10.5 million pay package, reports The Washington Post. The ruling will be the first of a number of decisions Feinberg is expected to make in the coming weeks. He has been reviewing the compensation for top earners at seven companies that have been among the largest recipients of federal bailout funds. Benmosche would receive an annual salary of $7 million ($3 million in cash and $4 million in fully-vested common stock). He would be eligible to receive long-term incentive awards of up to $3.5 million each year. “I’m not sure there will be any type of result here that is going to be praised,” Feinberg said this week during an address to the Chicago Bar Association. “Likely, I’ll be criticized from both ends.” Feinberg also said that he had worked closely with the companies and they are being cooperative.
Feinberg to Approve AIG Pay Package
AIG CEO Robert Benmosche’s $10.5 million pay package is expected to be approved by Kenneth Feinberg.
October 2, 2009