American International Group CEO Robert Benmosche says he's staying put, firing back at a Wall Street Journal story yesterday that claimed the insurance head was considering leaving due to compensation restraints, just three months after taking up the post. From the Journal:
At a board meeting last week, the strong-willed industry executive told fellow AIG directors that he was “done” but agreed to think it over after other board members reacted with shock, according to the people.
The executive is chafing under constraints imposed by AIG's government overseers, particularly a recent compensation review by the Obama administration's pay czar, Kenneth Feinberg, according to the people. AIG, 80% government owned since a rescue last year, is one of the companies under Mr. Feinberg's purview.
Benmosche responded with a letter to AIG employees, in which he stated he remains "totally committed to leading AIG through its challenges," asking colleagues “not to be distracted by speculative media stories.” The New York-based company is currently looking to sell assets and improve profits while it attempts to pay back the government following September 2008's bailout.