AIG continues its financial struggle. Net income in the first quarter of 2018 is $938 million. That’s down from $1.2 billion in the same quarter of 2017. It’s not the positive report that AIG CEO Brian Duperreault was hoping to get.
The company’s continued troubles have caused billionaire investor Carl Icahn to dump his stock. Until he unloaded the stock recently, Icahn was AIG’s third-top investor and he owned 4.76% of the film. His stake was worth about $2.78 billion.
If he was unhappy with Duperreault it didn’t come out. Neither he nor AIG had any comment on the parting of ways.
Icahn’s opinion aside, the shareholders of AIG are apparently happy with his performance. His pay package for last year — $43.1 million — was approved last week in vote of 441,882,782 shares to 267,108,670 shares.
Two proxy advisory companies — International Shareholder Services (ISS) and Glass Lewis — advised them to reject the package and said Duperreault did not perform.
Glass Lewis gave the package a grade of F.
Source links: Reuters, Bloomberg, Insurance Business America, Insurance Journal