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Hancock to get $9.58 million for 2016 work at AIG


Peter Hancock, AIG’s former CEO, will receive a total compensation package of $9.58 million for last year, after the insurance giant’s shareholders approved his pay and those of other executives on Wednesday.

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.

Despite his pay, 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.

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