Management Changes

AIG's (NYSE: AIG) Vice Chairman, Jacob Frenkel, to retire

AIG (NYSE: AIG) Chief Executive Robert Benmosche is unhappy over the restrictions that the company is operating under since the U.S. government become an 80 per cent owner, and is threatening to step down only three months after taking the job, according to a report in the Wall Street Journal.

Benmosche told AIG directors last not week that he was "done" but has agreed to not make an immediate decision after the board reacted with surprise.

The executive is unhappy with the recent compensation review by the Obama administration’s pay czar, Kenneth Feinberg. The government constraints have required that companies that received government funding must reduce total compensation for their top 25 highest-paid employees by 50 percent on average.

Benmosche believes that the government restrictions will cause the company to lose its most talented employees.

After nearly stepping down in August when he had yet to finalize what would become the third highest pay package for an executive to be approved under the government’s restrictions at a total of $10.2 million ($3 million cash), Benmosche has not made it clear as to whether he will actually resign.

An executive change for AIG could be highly disruptive for a company that is starting to show signs of life as it attempts to pay back the $90 billion borrowed from the U.S. taxpayers.

Shares of AIG are currently priced at $36.80 before the market opens today, down 2.4%.

Ultralife Corporation (NASDAQ: ULBI) announced that John C. Casper has resigned his position as vice president of finance and chief financial officer effective November 9, to pursue other opportunities. The Board of Directors has named Philip A. Fain, Ultralife's vice president of business development, to serve as chief financial officer on an interim basis while it conducts a search for a new vice president of finance and chief financial officer. Both internal and external candidates will be considered.

Mr. Fain, 55, began his career as a CPA and consultant with Arthur Anderson & Co., after which he joined Bausch & Lomb where he served in various management and executive positions including roles in corporate accounting, financial reporting and corporate audit functions. He became vice president and controller for B&L's U.S. Sunglass business and served as senior vice president of finance for the Global Eyewear business where he provided worldwide financial, information technology and business development leadership for this business, which included the Ray-Ban brand.

According to reports from the Wall Street Journal, AIG (NYSE: AIG) CEO, Robert Benmosche. is considering stepping down, just three months after taking the job

Burger King Corp. (NYSE: BKC) announced that Russ Klein, the Company's president, global marketing strategy and innovation will resign effective Dec. 15, 2009 due to personal reasons.

Peter Robinson, Burger King Corp.'s former president of the Europe, Middle East and Africa (EMEA) business segment will oversee the global marketing function on an interim basis while the company conducts an executive search.

[SM]