Peter Hancock, the outgoing CEO of American International Group (AIG), has been denied a bonus for 2016.
Hancock announced on March 9 that he would step down because he had lost the support of shareholder. AIG recorded a $3 billion net loss for the fourth quarter of 2016 after it was hit by a $5.6 billion prior year adverse reserve development in 2016.
According to an SEC filing Hancock will not now earn a 2016 short-term incentive award. AIG’s board did, however, approve a 2017 grant to Hancock based on his previously disclosed long-term target, 50 percent in the form of performance share units and 50 percent in the form of restricted stock units.
Hancock will receive a cash payment of $5 million through the transition period in addition to its normal compensation in 2017.
Hancock will continue to serve as CEO and director until a successor has been named or, if earlier, December 31, 2017.
AIG, Peter Hancock, Compensation, Resignation, Insurance, USA, North America