Martin Sullivan, the recently replaced chief executive officer of American International Group, will receive $47 million in severance, $21 million less than a corporate governance firm estimated a few weeks ago.
Mr. Sullivan on June 15 was replaced by Robert Willumstad, who was already serving as New York-based AIG's chairman. The Corporate Library originally estimated Mr. Sullivan's package would be $68 million.
According to a Securities and Exchange filing yesterday, Mr. Sullivan will receive $15 million in severance pay for 37 years of service to the company; $4 million pro rata bonus; and $28 million in stock and long-term cash rewards.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
