Business Context and Reporting Period
This Form 8-K filing by American International Group, Inc. (AIG) reports a corporate governance event dated November 11, 2014. The filing details the appointment of a new principal accounting officer and associated compensatory arrangements.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive appointments and compensation adjustments.
Material Changes
The primary material change is the appointment of Jeffrey M. Farber as the Company's principal accounting officer, effective November 11, 2014. Mr. Farber, previously Senior Vice President and Deputy Chief Financial Officer, will also assume the role of AIG Group Controller. Additionally, the Compensation and Management Resources Committee approved increases to his compensation package effective September 18, 2014:
- Annual base salary increase: $75,000
- Target short-term incentive compensation increase: $105,000 (prorated)
- Target long-term incentive compensation increase: $120,000 (plus an additional grant equal to the increase)
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on financial performance, risks, contingencies, or unusual items. The document is strictly limited to the disclosure of the officer appointment and compensation details.
Key Facts for Investor Verification
- Jeffrey M. Farber was appointed principal accounting officer and AIG Group Controller on November 11, 2014.
- Mr. Farber's compensation was increased by a total of $300,000 in target annual value (salary, short-term, and long-term incentives).
- The compensation increases were approved by the Compensation and Management Resources Committee with an effective date of September 18, 2014.
- Mr. Farber has been with AIG since February 2011, having previously served as Senior Vice President and Deputy Chief Financial Officer.