At a time when executive pay is still under intense public and governmental scrutiny, formerly bailed out
Kristian Moor, head of AIG's property/casualty arm
The parent company apparently was displeased about having to set aside about $4.2 billion last month to boost Chartis' reserves, after the P&C arm's claims costs were higher than expected.
Moor was awarded incentive pay equal to 90% of the $1.9 million target set for 2010, or $1.71 million, AIG said in the filing. He received a salary of $5 million in stock and $700,000 in cash.
Additionally, the filing stated that AIG President and CEO Robert Benmosche was awarded his full incentive of $3.5 million, all while earning $7 million in cash and stock for 2010.
The filing goes on to state that Peter Hancock, head of finance and risk, received 120% of his incentive pay—$4.3 million—for less than 11 months of work. Hancock received $2.4 million in stock and $1.5 million in cash for the year.
The Treasury Department's Office of the Special Master continues to oversee AIG's compensation, Bloomberg reports.
as reported by
Benmosche tallied the largest base salary at $3,077,622, his aggregate pay package of $4,639,188 placed him 96th on the list of total compensation. Moor pulled down $10,409,171, AIG EVP Life Insurance Rodney Martin took home $9,990,550, AIG EVP Foreign General Insurance Nicholas C. Walsh was paid $8,962,420 and AIG EVP and CFO David Herzog earned $6,068,346.
SNL's list was headed by ACE Limited Chairman, President and CEO Evan Greenberg, who netted $21,297,698 in total pay. Jay Fishman, chairman and CEO of the Travelers Cos. Inc., placed second with $20,102,833.