The annual pay comprises $1.6 million in salary, a $3.2 million target bonus and an $11.2 million long-term incentive consisting of restricted shares, some of which are linked to performance. (Photo: AIG)

(Bloomberg) – American International Group Inc. will give Brian Duperreault $12 million in cash, 1.5 million stock options and an annual pay package valued at $16 million to turn around the company as its seventh chief executive officer since 2005.

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

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