(Bloomberg) – American International Group Inc. willgive Brian Duperreault $12 million in cash, 1.5 million stockoptions and an annual pay package valued at $16 million to turnaround the company as its seventh chief executive officer since2005.

AIG will also pay Duperreault's previous employer, Hamilton Insurance Group, as much as $40million over two years to waive their former CEO's non-competeagreement, according to a regulatory filing Monday.

Deputy to Hank Greenberg

Duperreault, 70, spent time at AIG earlier in his career as adeputy to Maurice “Hank” Greenberg, who builtthe company into the world's largest insurer before departing in2005. Duperreault will begin immediately, AIG said in a statement.He succeeds Peter Hancock, who said in March he would leave becauseof insufficient support from investors such as activist Carl Icahn.

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