The employment term of American International Group Inc Chief Executive Officer Peter Zaffino has been extended for five years through November 10, 2027, the company said late Thursday in a filing.
Zaffino, who took over as CEO last year, joined AIG in 2017 as global chief operating officer and was the point man for executing goals set by former CEO Brian Duperreault as part of a turnaround plan he launched.
According to the filing, the company’s board of directors approved a one-time grant of restricted stock units (RSUs) to Zaffino with a grant date value of $50 million.
He will also receive a $1.5 million annual base salary and a $4.5 million annual cash bonus based on the board’s evaluation of his performance.
Zaffino previously served as CEO of insurance brokerage Marsh & McLennan Companies Inc.