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AIG's Essex boy may get a £35m pay-off
18.06.08
Dagenham-raised Martin Sullivan, ousted as chief executive of US insurer AIG, could get up to $68 million (£34.7 million) in severance pay and benefits - far more than previously expected.
Sullivan left AIG after presiding over billions of dollars of losses on insurance sold to back subprime mortgagerelated products.
Corporate governance firm The Corporate Library says he could receive up to $2.5 million in salary, a $26.6 million bonus, $14 million from a defined contribution plan, $21.9 million of stock, $3.3 million in pension benefits and $32,316 in insurance coverage.
However, an AIG insider said Sullivan is more likely to receive between $35 million and $50 million.
