AIG Will Need to Pay a Lot More for a New CEO
- Analyst asks, why would a top executive want to join AIG?
- Outgoing chief Hancock made less than industry peers
AIG CEO Peter Hancock Quits After Massive Loss
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American International Group Inc.’s new chief executive officer can expect to deal with a volatile industry, pressure from ratings firms and a restless board. And if the past is any guide, the new leader won’t get an industry-leading compensation package for the trouble.
Peter Hancock, who is staying on until a successor is found, had reported compensation of $12.5 million in 2015, among the lowest for CEOs at industry peers. Dan Glaser, the head of broker Marsh & McLennan Cos. who is seen as a potential replacement at AIG, got $15.6 million. Mike McGavick received $12.7 million from XL Group Ltd. and told staff there that he isn’t interested in the AIG job.