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 July 02, 2008 Deposed AIG CEO Gets $47MAmerican International Group will give outgoing CEO Martin J. Sullivan a severance packaged valued at $47 million. Sullivan’s resignation took effect July 1, according to a Reuters report.
Sullivan will receive severance of $15 million and a bonus of $4 million for the portion of the year he worked. He will also maintain outstanding equity and long-term cash awards valued at approximately $28 million, according to the regulatory filing.
Sullivan resigned after AIG wrote down $20 billion in losses on the market value of assets linked to subprime mortgages.
Sullivan was replaced by former Citigroup banker Robert Willumstad. Willumstad was already chairman and plans to complete a plan to revamp AIG by September 2008. AIG last month reported its worst results in 89 years.
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Comments:
This guy should be put in prison or killed on the spot!!!
September 21, 2008 12:13 PM
Cutting his nuts off would also work for me.
September 23, 2008 9:36 AM
It makes me mad. There has to be a way to control executive compensation.
September 24, 2008 10:22 PM
There is a way to control executive compensation. ONLY BUY PRODUCTS FROM COMPANIES THAT HAVE RESPONSIBLE BOARDS OF DIRECTORS, and enourage companies that you do business with to do the same. Note: I have not been to a Wallmart in 10+ years, and I refuse to shop at Safeway Inc.( Thanks Peter McGowen ) I do not purchase Apple Computers ( Thanks Steven P Jobs. ) Executive pay is based upon ONE THING, and its ONE THING ONLY: HOW MUCH CAN YOU STEAL?
October 06, 2008 8:13 PM
CEOs like this should be lynched. Amrican people should rise up and fricken lynch the men responsible for stealing so much money that they actually ruin our country's economy.
October 07, 2008 7:27 PM
Perhaps people who do business with unethical companies like AIG should take stock and look at who they are dealing with prior to engaging in business with them.
October 09, 2008 7:52 PM
His picture should be on America's Most Wanted lilst of robbers. Is his crime any less horrible than that of any other THIEF?
October 10, 2008 10:57 PM
What justification is it to reward someone for screwing up??? Let me go rob some of my neighbors and get millions. He can get away with it why cant I.
October 14, 2008 4:29 PM
This guy should not get a cent for watching this company fail. The entire board and all upper management should be replaced. I'm all for making money, but this is not how it should happen. This company should be allowed to fail and all of the people involved in it should be prosecuted for making decisions that brought the company down.
November 13, 2008 12:15 AM
There should be a mass trial to include the execs and the boards that approve their salaries.
November 25, 2008 10:36 PM
i have an idea...we can all mind our own business. athletes and celebrities make 10s of millions and nobody gets upset but for some reason if a CEO, who may have commanded an annual salary of 50 million....gets fired and walks away with a servance of 20 million we want everyone to be executed... companies compete over CEOs, and they take great risks often on the people considered to be the most talened and connected....sometimes they win and sometimes they lose but it really is none of our business unless we're a shareolder if we would get government out of the way of bailing everyone out....we wouldn't care so much so the answer is not more vilification of CEOs....it is more vilification of politicians, democrats, and people that vote for greater socialisation of america. if you're a democrat....maybe you should call for your own execution because we keep voting for politicians that will socialize more of american life and it leads to this bailout idealogy
December 17, 2008 4:59 PM
I know this is an old article, but it still makes my blood boil!
January 08, 2009 5:23 PM
No one is worth that kind of money. The contribution of the downturn of our econmy. We can not tolerate any form of this kind of greed in our nation. We need to think about the future generations and find ways to stop the greedy white collar crimanals.
March 10, 2009 3:18 PM
THE GOVERNMENT SHOULD MAKE THESE CEOs REIMBURSE THEIR GOLDEN PARACHUTES BACK TO THE FEDERAL TREASURY. THE WHOLE THING STINKS TO HIGH HEAVEN.
March 15, 2009 11:52 AM
Absolutely disgusting. The world is filled with selfish perverted individuals. I hope he enjoys his millions, he can't take it with him. Disgusting ....
March 16, 2009 11:15 PM
every dog has its day, and I bet a dollar (being that is just about how much I do have in my pocket right now).Something will change as for the money and greedy hungry CEO's of companies. This is another form of a man doing men things and why women end up not gaining what so ever from it. look at the good side, he might find a shred of hope somewhere and maybe help and give it to a cause such as; hookers, gay men , and whiskey. Creepy when I really think about it! So hang on you presidential hopefulls, it will trickle down eventually, it will sure be cool to see how it all comes out once the tax man lays down his say.
March 17, 2009 5:53 PM