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AIG's Greenberg Sees a Lot More Green

Hank Greenberg has been seeing more green. Greenberg's compensation for running American International Group (AIG) rose about 25 percent last year to $7.6 million and...
April 13, 2004

Hank Greenberg has been seeing more green. Greenberg's compensation for running American International Group (AIG) rose about 25 percent last year to $7.6 million and his stock option awards doubled, as the insurer's profits soared on higher insurance rates.

AIG said in a proxy statement filed with the U.S. Securities and Exchange Commission that Greenberg's salary stayed the same at $1 million in 2003, but his bonus rose to $6.5 million from $5 million and he was awarded 750,000 stock options, compared with 375,000 in 2002. He also received $89,000 in other compensation. The stock options Greenberg received in 2003 will be worth $26.2 million if AIG's stock price rises at an annual rate of five percent over their term and $66.3 million if the stock rises at a ten percent rate. AIG, the world's largest insurer by market value, was recently added to the Dow Jones Industrial Average.

The 78-year-old Greenberg has not announced specific plans to retire or name a successor.

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