AIG Shareholders Approve $9.6 Million for Former CEO Hancock

American International Group Inc. shareholders on Wednesday approved the company’s 2016 compensation for executives, including the insurance giant’s former chief executive, Peter Hancock.

Shareholders at the annual meeting in New York voted to award Hancock a total compensation of $9.58 million for 2016, including a $1.6 million base salary, longer-term incentive pay in stock worth more than $7.8 million and additional funds.

Hancock was not awarded a cash bonus for his work last year, after the company’s dismal financial performance roiled shareholders.

In May, AIG named Brian Duperreault as its new chief executive officer, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise.

(Reporting by Suzanne Barlyn in New York; Editing by Shounak Dasgupta)

Related:

• AIG’s High Cost of Hiring Duperreault
• AIG Board Refuses CEO Hancock’s 2016 Cash Bonus after Poor Earnings