A corporate governance firm estimated yesterday that Martin Sullivan, who was replaced Sunday as American International Group's chief executive officer, will receive approximately $68 million in severance.
A company spokesman, when asked about the estimate from The Corporate Library, pointed to an AIG 8K filing with the Securities and Exchange Commission, which states: "Compensation arrangements for Mr. Willumstad and transition arrangements for Mr. Sullivan have not yet been determined."
Mr. Sullivan's resignation was accepted, and he was replaced by AIG Chairman Robert Willumstad, following pressure from shareholders and investors after the company posted losses for two consecutive quarters totaling $13 billion.
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