AIG’s Zaffino gets 5-year extension as CEO

Insurer American International Group Inc’s (AIG.N) Chief Executive Officer Peter Zaffino’s employment term has been extended for five years through Nov. 10, 2027, the company said late on Thursday in a filing.

Zaffino, who took charge last year, joined AIG as the global chief operating officer in 2017 and was the point man to execute goals set by former CEO Brian Duperreault as part of a turnaround plan launched by him.

The company’s board approved a one-time grant in the form of restricted stock units (RSUs) having a grant date value of $50 million to Zaffino, according to the filing.

He will also receive an annual base salary of $1.5 million and an annual cash bonus of $4.5 million based on the board’s assessment of his performance.

Zaffino previously served as the chief executive officer of insurance broker Marsh & McLennan Companies Inc (MMC.N).