AIG's (AIG) Benmosche Reaffirms Commitment; Signs Non-Compete

November 25, 2009 7:17 AM EST

Finally American International Group (NYSE: AIG) is finding some solid ground, as CEO Robert Benmosche signed a non-compete agreement. This is a positive sign for the insurer, as now they can move forward in their quest to repay the American taxpayer.

AIG said Tuesday that Mr. Benmosche would receive his stock salary in "biweekly awards" that would vest immediately. He is restricted from selling the shares until five years after his start date, Aug. 10, 2009. His pay package also includes $3 million in annual cash salary and up to $3.5 million in long-term incentive awards.

Benmosche is AIG's fifth CEO since 2005, and assures that he is committed to repaying the $182 billion that AIG received in the Government bailout provided in late 2008.

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