AIG's Benmosche to Get Paid

The $10.5 million pay package for AIG's new CEO, Robert Benmosche, is expected to be formally approved by the Treasury Department's pay czar as early as next week, a report says.
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WASHINGTON (

TheStreet

) -- AIG's new CEO is going to get paid.

The $10.5 million pay package for

American International Group's

(AIG) - Get Report

new CEO, Robert Benmosche, is expected to be formally approved by Kenneth Feinberg, the Treasury Department's special master for compensation, as early as next week, the

Wall Street Journal

reports, citing people familiar with the matter.

Feinberg has given the insurer an "approval in principle" to pay Benmosche an annual salary of $7 million and up to $3.5 million in incentive pay. Feinberg is expected to formally OK Benmosche's pay before making any other rulings about pay at AIG or at any other companies he is reviewing, the

Journal

reports.

Feinberg has two months to make his rulings on the pay packages, the

Journal

notes, but AIG had been pushing for a speedier ruling on Benmosche over concerns he might quit if the issue wasn't resolved quickly. Earlier this month, a person close to Benmosche said the CEO was "ready to walk" if the pay issue wasn't settled.

Benmosche is the former chief of insurance company

MetLife

(MET) - Get Report

.

-- Reported by Joseph Woelfel in New York

.

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