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Leadership
Benmosche reassures staff he will stay at AIG
12.11.2009
The Chief Executive of AIG Robert Benmosche has assured staff in a letter that he is “totally committed” to AIG and has no plans to quit the US insurer after just three months in the job.
Benmosche’s comments came following an article in the Wall Street Journal yesterday, which quoted people familiar with the matter as saying that the AIG chief was considering stepping down from the top role.
The paper said that Benmosche had told fellow AIG directors at a board meeting last week that he was “done”, but agreed to think it over after a number of the board member reacted with shock.
According to the WSJ, Benmosche is finding the new rules on executive pay at bailed-out US firms from the so-called ‘pay czar’ - Special Master for executive pay Kenneth Feinberg - somewhat hard to square with keeping top talent at AIG.
In the letter, Benmosche told staff that he and the board “are indeed frustrated and we are in ongoing discussions with the Treasury and the Special Master to resolve the uncertainties surrounding this issue.
“We are all working aggressively to overcome this compensation barrier that stands in the way of restoring AIG’s value and allowing us to live up to our obligations to all shareholders,” he said.
Benmosche was appointed as Chief Executive of AIG in August.
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Irish Director is Ireland’s leading senior management magazine. Designed for business leaders and decision makers across the island, it covers topics of specific relevance to Ireland’s senior directors.
Owner Manager is the latest title from the BusinessandLeadership.com stable. It focuses specifically on the needs of the business owner, offering both strategic and practical features and information related to running your own business.
Marketing Age is the definitive ‘voice’ of the marketing industry in Ireland. Aimed at decision makers, marketing directors and industry professionals, it deals in-depth with marketing strategy, innovation and the world of new media.
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