$1-a-year Ed Liddy replaced by $7m-a-year Bob Benmosche
AIG has told the US Securities and Exchange Commission (SEC) it will pay newly-appointed chief executive Robert Benmosche an annual salary of $7m and a possible bonus of $3.5m, Reuters reports
The salary will be made up of $3 million in cash and $4 million in shares.
Washington's new pay czar Kenneth Feinberg has approved the package.
Part of pay trend.
The FT said Mr Benmosche had made it clear it would only take the job if he were paid a salary and a bonus.
The FT said the package was part of a trend toward increasing base salaries and reducing bonuses at US financial services companies following the recent financial crisis.
Benmosche will not be entitled to any severance payments should he leave the company.
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