CEO Zaffino signs five-year deal at AIG
AIG president and CEO Peter Zaffino has signed a new agreement that will keep him at the insurer for the next five years.
He will get an annual base salary of $1.5m with a target yearly cash bonus of $4.5m, based on AIG’s and Zaffino’s personal performance.
According to a US Securities and Exchange Commission filing, the CEO is also eligible to receive yearly shares and stock options valued at $14m under a long-term incentive plan.
In addition, AIG’s board has approved a special one-time grant in the form of restricted stock units valued at $50m.
Speaking on behalf of AIG’s board of directors, John G Rice said: “We are fortunate to have Peter continue as the CEO of AIG for at least the next five years. Throughout his career, Peter has developed an excellent track record as a visionary, insightful leader, with an ability to execute comprehensive transformational programmes that turn his strategic vision into tangible, measurable success. Under Peter’s leadership, AIG has delivered on ambitious operational and financial objectives and is well positioned to continue to drive long-term value for the company’s shareholders and other stakeholders.”
Zaffino took over as CEO last year when he replaced Brian Duperreault.
Duperreault became executive chairman but is relinquishing that role to Zaffino at the start of next year.
Zaffino said: “It is a privilege to lead AIG and our talented group of colleagues, and I look forward to continuing to build on our significant momentum on our journey to become a top-performing company and market leader in everything we do.”
