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American International Group Inc. and Peter Zaffino, its president and chief executive officer and board chairman, have entered into a five-year employment agreement through Nov. 10, 2027, the insurer said Thursday.
Mr. Zaffino, 55, will receive an annual base salary of $1.5 million and continue to be eligible to receive a target annual cash bonus of $4.5 million, based on the board’s assessment of corporate and individual performance goals under AIG’s annual short-term incentive plan, according to the company’s Form 8-K filing with the U.S. Securities and Exchange Commission.
He is also eligible to annually receive shares and stock options valued at $14 million under a long-term incentive plan, according to the filing.
The board also approved a special one-time grant in the form of restricted stock units with a value of $50 million in recognition of his “continued leadership and the highly competitive market for talent,” the filing said.
Mr. Zaffino is eligible to receive severance payments and benefits if he is terminated by AIG without “cause” or if he resigns for “good reason,” the filing said.
Mr. Zaffino, who joined AIG in 2017, was promoted to president in 2020, and became CEO in March 2021, replacing Brian Duperreault, who became executive chairman. He succeeded Mr. Duperreault, becoming chairman of the board, in January.