It seems that at least one of America’s top executives who earlier balked at any kind of bonus restrictions has agreed to one in the end. AIG has announced that Robert Benmosche has agreed to a package that still totals in the millions.
Benmosche had previously voiced his displeasure with government restraints that were placed on the industry giant after the company was bailed out last year. Reports even went so far as to say that he threatened to quit his job in board meetings earlier this year before releasing a statement recently saying that he was totally committed to the job.
When the huge company ran into trouble last year, they received billions of dollars worth of bail out money from the federal government and in exchange the government took over 80% ownership of the firm. As part of the new deal,
Benmosche will receive stock in the company as part of an employment inducement program.These shares that are sold to him will vest immediately, but the CEO will not be able to sell them for five full years from after the date that he was hired.