Business Context and Reporting Period
This Form 8-K Current Report was filed by American International Group, Inc. (AIG) on October 9, 2008, with the earliest event reported on that date. The filing addresses significant changes in the company's principal officers.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Appointment: David L. Herzog was named Executive Vice President and Chief Financial Officer, effective October 16, 2008. He previously served as Senior Vice President and Comptroller since June 2005.
- Departure: Steven J. Bensinger, Executive Vice Chairman – Financial Services and acting Chief Financial Officer, notified AIG of the termination of his employment on October 9, 2008.
- Compensation Review: Consistent with a comprehensive assessment of expenses and compensation, Mr. Bensinger's employment arrangements are under review, and no payments will be made pending the completion of this review.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or specific risk factors. However, it notes a material contingency regarding the compensation of the departing executive, which is currently suspended pending a review of expenses and compensation arrangements.
Key Facts for Investor Verification
- Verify the effective date of David L. Herzog's appointment as CFO (October 16, 2008).
- Confirm the status of the compensation review for Steven J. Bensinger and the potential impact on AIG's expense structure.
- Review the referenced employment agreements filed as exhibits to prior Form 10-Q and Form 8-K filings to understand the original terms of Mr. Bensinger's departure.