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Departing American International Group Inc. President and CEO Peter Hancock will receive an extra $5 million to stay on at the insurer while it finds his replacement, AIG disclosed in a regulatory filing late Friday.
In addition, Mr. Hancock, who resigned earlier this month several weeks after New York-based AIG posted a huge fourth-quarter 2016 loss, will receive a $9.5 million severance payment and $40,000 to pay for COBRA contributions and life insurance, the filing with the U.S. Securities and Exchange Commission stated.
The payments will be in addition to the executive’s current pay package, including incentive pay. In 2015, the latest year for which salary information is available, Mr. Hancock had a base salary of $1.6 million and was eligible for short-term incentive pay of $3.2 million – of which he received $2.5 million -- and long-term incentive pay of $8.2 million. Including changes in pension value and other compensation, his total pay package was $12.5 million, according to SEC filings.
The board determined that Mr. Hancock should not receive short-term incentive pay for 2016, the most recent SEC filing said.
Under the transition agreement, Mr. Hancock will stay with AIG until his successor is found or until Dec. 31, 2017, whichever is earlier. Mr. Hancock was named CEO of AIG in 2014. The insurer, once renowned for stability at the top, is now looking for its sixth CEO in 12 years.
Peter Hancock will resign as president and CEO of American International Group Inc., the insurer announced Thursday.