Duperreault’s AIG package worth $43.1m
NEW YORK (Bloomberg) – American International Group awarded Brian Duperreault a $43.1 million pay package last year after he took over as the insurer’s chief executive officer.
The compensation includes $12 million in cash to replace awards Mr Duperreault forfeited after leaving his previous job leading Bermudian-based Hamilton Insurance Group Ltd, and stock options valued at $16.1 million, New York-based AIG said in a regulatory filing.
He’ll get a third of the options within three years, with the rest vesting in increments if AIG’s shares exceed hurdles set at $10, $20 and $30 above the $61.82 price when he was hired. The stock closed yesterday at $53.11 in New York.
Mr Duperreault, 70, who took over in May, is the company’s seventh CEO since 2005. Peter Hancock, who preceded him, left after investors including Carl Icahn lost confidence in his leadership. Mr Duperreault’s first year was marred by natural disasters, including hurricanes and the California wildfires, which pushed AIG’s catastrophe costs to a record $4.2 billion.
Mr Duperreault also received $1.01 million in salary, a $2.13 million bonus and $11.1 million in restricted shares, which will vest over time based partly on the firm’s performance relative to other insurers.
AIG spent $18.3 million in separation payments for three executives who departed last year, including Mr Hancock. In 2016, the insurer paid more than $20 million to three top managers after they left.
Belco workers withdraw labour
Shock as big pledge for Kandice is withdrawn
Atherden stands her ground on medical scans
Speight resigns from BCB
Modelling the dream in her fabulous forties
Trio serving bans from PHC Field
All-new Senate line-up for OBA
Botanical Gardens infested with rats
Family ‘hurt’ Ferguson shooter is still free
Freak accident costs landscaper a thumb
New Hamilton eatery to open next month
Three made redundant at Bermuda Motors
Van driver had only auxiliary cycle licence
Thousands walk for breast cancer awareness
Take Our Poll