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mickeymAIG executive resigns over pay limits
NEW YORK — A top executive at American International Group Inc has resigned because of pay curbs imposed by the Obama Administration's pay czar, the insurer said on Wednesday.
Anastasia Kelly, AIG's vice chairman for legal, human resources, corporate affairs and corporate communications, resigned effective December 30 for "good reason" and is eligible for severance pay under the terms of the company's executive severance plan, the insurer said.
Kelly stands to be paid about $2.8 million in severance, according to a source familiar with the matter.
Kelly's resignation comes after Kenneth Feinberg, who is charged with monitoring pay levels at companies that received taxpayer funds, imposed pay caps for AIG's top executives.
Earlier this month, Feinberg set the compensation structures for the 26th through 100th highest-paid employees at four firms, including AIG, limiting most cash salaries to $500,000.
Rest of the article here.
Gosh, they're unhappy about their salaries being limited to $500,000? My heart bleeds for them. Also, since when do you get severance pay for resigning/quitting? I thought severance packages were for layoffs/retirement, that sort of thing?
$2.8M in severance. Bet she won't have to pinch pennies and wiggle things around to pay HER COBRA payment every month.
No, I'm not bitter at all. Much.
NEW YORK — A top executive at American International Group Inc has resigned because of pay curbs imposed by the Obama Administration's pay czar, the insurer said on Wednesday.
Anastasia Kelly, AIG's vice chairman for legal, human resources, corporate affairs and corporate communications, resigned effective December 30 for "good reason" and is eligible for severance pay under the terms of the company's executive severance plan, the insurer said.
Kelly stands to be paid about $2.8 million in severance, according to a source familiar with the matter.
Kelly's resignation comes after Kenneth Feinberg, who is charged with monitoring pay levels at companies that received taxpayer funds, imposed pay caps for AIG's top executives.
Earlier this month, Feinberg set the compensation structures for the 26th through 100th highest-paid employees at four firms, including AIG, limiting most cash salaries to $500,000.
Rest of the article here.
Gosh, they're unhappy about their salaries being limited to $500,000? My heart bleeds for them. Also, since when do you get severance pay for resigning/quitting? I thought severance packages were for layoffs/retirement, that sort of thing?
$2.8M in severance. Bet she won't have to pinch pennies and wiggle things around to pay HER COBRA payment every month.
No, I'm not bitter at all. Much.
