Business Context and Reporting Period
This Form 8-K Current Report was filed by American International Group, Inc. (AIG) on August 6, 2018. The filing reports a corporate governance event regarding the appointment of a new senior executive officer.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial figures disclosed relate to executive compensation:
- Annual Base Salary: $600,000
- Target Short-Term Incentive: $600,000 (prorated for 2018)
- Target Long-Term Incentive: $800,000
Material Changes
The primary material change reported is the appointment of Jonathan Wismer as Deputy Chief Financial Officer and Chief Accounting Officer, effective immediately. Mr. Wismer succeeds Elias Habayeb, who was appointed Chief Financial Officer for General Insurance in May 2018.
Management Commentary and Risks
Management confirmed that Mr. Wismer's compensation is consistent with AIG's program for employees at his level and is subject to the AIG Clawback Policy. He is also entitled to severance under the Executive Severance Plan and has entered into non-solicitation and non-disclosure agreements. The filing states there are no undisclosed arrangements regarding his selection and no material interests in transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the effective date of Jonathan Wismer's appointment (August 6, 2018).
- Confirm the total target compensation package ($2.0 million annually).
- Review the attached press release (Exhibit 99.1) for additional details on the leadership transition.
- Note that this filing contains no operational or financial performance updates for the period.