(Bloomberg) – American International Group Inc. will give Brian Duperreault $12 million in cash, 1.5 million stock options and an annual pay package valued at $16 million to turn around the company as its seventh chief executive officer since 2005.
AIG will also pay Duperreault's previous employer, Hamilton Insurance Group, as much as $40 million over two years to waive their former CEO's non-compete agreement, according to a regulatory filing Monday.
|Deputy to Hank Greenberg
Duperreault, 70, spent time at AIG earlier in his career as a deputy to Maurice “Hank” Greenberg, who built the company into the world's largest insurer before departing in 2005. Duperreault will begin immediately, AIG said in a statement. He succeeds Peter Hancock, who said in March he would leave because of insufficient support from investors such as activist Carl Icahn.
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