ex-AIG head turns down severence deal

Robert Wilumstad, the former CEO of insurer AIG said no to a $22 million dollar severance package that he was entitled to under the terms of his employment contract.  After being ousted as a condition of the Federal takeover, Willumstad’s decision to reject the deal is a bright spot in an otherwise cloudy situation.

Willumstad didn’t take the money because his three-month tenure ended before he could unveil a turnaround strategy and because investors and employees had lost so much on AIG stock, said the person, who declined to be identified because the refusal hasn’t been announced yet. Willumstad informed AIG of his decision in an e-mail to new CEO Edward Liddy, the person said.

read more at Bloomberg

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