Thursday, May 21, 2009

AIG's Edward Liddy Resigning

What? He just took over in September.

Liddy, who agreed to run the company for an annual salary of $1, refused an equity grant he was expected to receive as compensation. According to a proxy filing with the Securities and Exchange Commission, Liddy received no bonus, stock-based compensation or other direct compensation from AIG last year.
He did receive about $460,500 worth of perquisites, notably an apartment in New York City paid for by AIG (Liddy lives in Chicago). He also received compensation for travel between New York and Chicago, financial, tax and legal planning and tax-related payments. The tax payments were made to avoid having Liddy end up paying to work at AIG, the filing said.
Treasury Secretary Timothy Geithner praised Liddy's public service.
"In accepting the stewardship of AIG at the request of the U.S. government, Mr. Liddy took on one of the most challenging jobs in the American financial system today," Geithner said. "He shouldered this burden out of a strong sense of duty and patriotism, and I am grateful for his hard work and service."
Geithner said the Treasury Department looks forward to continuing to work with Liddy as the new board searches for successors. AP