AIG CEO Edward Liddy Salary Cut to $1 per Year
Liddy will still be receiving an as-yet-undisclosed stock package as well, though that's not too valuable at the moment.
Having said that, he can probably coast for a bit on his previous paydays.
Liddy will get paid $1 per year for 2008 and 2009, with his compensation consisting entirely of equity payments. While he will not receive bonuses during those years, he will be eligible in 2010 for "extraordinary performance." He will also be ineligible for severance payments.
In the letter, AIG says they are "extremely grateful" for the support they have received from taxpayers, and as their way of showing how "prudently" they are acting, they will not be giving bonuses to their top seven executives. The rest will get bonuses, but won't be getting a raise this year.