https://www.tumsozluk.com/chubb-allstate-and-aig-ceos-join-health-insurers-to-top-2021-pay-ratio-list/
AIG's Peter Zafino was paid 305 times the median employee rate in 2021. His 2021 annualized salary was 16.5% higher than that of his 2020 predecessor Brian Duperreaux. Median wages for employees at multiline insurers increased by 1.4%. Zafino took over from Duperault on March 1, 2021.
Management also over pays for management consultants to devise a strategy to lay off people and boost the pay on The very top few. It has been happening for decades…
What happens is that the strategy never works out for the company and most employees, so they hire a different group of management consultants to try and fix the mistakes from the previous ones. They only make the problem worse….this continues till the Company folds or gets sold to another company
I heard that there has been a spike in prices of helicopters like there has been with cars…..therefore old Pirate Pete needed some more loot to buy one
Look at the 5 year performance graph for AIG on any financial web site. After pouring literally tens of billions of dollars in stock buy backs, the stock today is near 52 week lows and is significantly less than it was when Hancock was CEO.
If a CEO is a success, maybe you can justify the pay. I don't think anyone can make an argument that the last 5 years have been a success although they try really hard every quarter.
Of course, it also begs the comparison as to how a mediocre, failure of a CEO can receive exorbitant compensation when their staff is generally provided 0 to 2% cost of living increases, many of which outperform their performance matrices by a large margin?
It is legalized extorsion perfected by BD and passed along to PZ.