American International Group President and Chief Executive Officer Martin J. Sullivan secured an $8.7 million raise last year bringing his pay to $16 million, according to a company filing.
Mr. Sullivan, according to a proxy statement filed April 5 with the Securities and Exchange Commission increased his salary from $7.3 million in 2004.
The complicated compensation package included a variety of bonuses, stock options and other payments including a base salary beginning in March 2005 of $963,462, an annual bonus and other "cash compensation" of $6.79 million, a year end bonus of $1 million and supplemental stock options.
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