AIG GC Resigns Over Salary Cap, Will Receive Millions in Severance
AIG general counsel Anastasia Kelly will receive millions of dollars in severance pay after resigning over salary caps imposed because the insurer received government bailout funds.
Kelly resigned along with her deputy general counsel, Suzanne Folsom, the Wall Street Journal (sub. req.) reports. Kelly will receive “several million dollars in severance,” according to people familiar with the matter who spoke to the Wall Street Journal (sub. req.) for an earlier story.
U.S. pay czar Kenneth Feinberg had limited annual pay to $500,000 for most executives at companies that received the biggest bailouts, which would have amounted to a significant cut for Kelly, the Wall Street Journal says.
Business Week puts the amount of severance at $3.8 million, while Reuters says the amount is about $2.8 million.
Earlier coverage:
ABAJournal.com: “AIG GC Reportedly Threatens to Resign if Pay Czar Cuts Her Compensation”
