8-KLeadership Changes

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Executive Changes (Nov 17, 2014)

Filed November 17, 2014For Securities:AIG

Summary

This Form 8-K filing by AMERICAN INTERNATIONAL GROUP, INC. (AIG) on November 17, 2014, primarily announces a key executive change within its finance department. Jeffrey M. Farber has been appointed as the Company's principal accounting officer, effective November 11, 2014. Mr. Farber, who joined AIG in February 2011 and previously held the role of Senior Vice President and Deputy Chief Financial Officer, will also assume the title of AIG Group Controller. In conjunction with this appointment, Mr. Farber's compensation has been adjusted. The Compensation and Management Resources Committee approved an increase in his annual base salary, as well as increases to his target short-term and long-term incentive compensation. This move indicates a significant elevation of Mr. Farber's responsibilities within AIG's financial leadership, suggesting a focus on strengthening the company's accounting and financial oversight.

Key Highlights

  • 1Appointment of Jeffrey M. Farber as Principal Accounting Officer, effective November 11, 2014.
  • 2Mr. Farber will also assume the role of AIG Group Controller.
  • 3Mr. Farber brings extensive financial experience, including prior roles at GAMCO Investors and Bear Stearns, and was an Audit Partner at Deloitte and Touche LLP.
  • 4Compensation adjustments for Mr. Farber include an increase in base salary, short-term incentive, and long-term incentive compensation.
  • 5The salary increase was effective September 18, 2014, with incentive increases prorated from that date.
  • 6This appointment signifies a shift in accounting leadership at AIG.

Frequently Asked Questions

Jeffrey M. Farber has been appointed as AIG's Principal Accounting Officer, effective November 11, 2014.

In addition to being Principal Accounting Officer, Mr. Farber will also serve as AIG Group Controller.

Mr. Farber's compensation has been increased, including a $75,000 increase to his annual base salary, and increases to his target short-term and long-term incentive compensation. The salary increase was effective September 18, 2014, with incentive increases prorated from that date.

Mr. Farber has a strong financial background, having served as Senior Vice President and Deputy Chief Financial Officer at AIG since February 2011. Previously, he held significant finance roles at GAMCO Investors and Bear Stearns, and was an Audit Partner at Deloitte and Touche LLP.