After poor earnings, AIG denies cash bonus to CEO Hancock

|By:, SA News Editor

Following February earnings that severely disappointed investors, the board at AIG (AIG -1%) has declined to give a cash bonus to outgoing CEO Peter Hancock.

The company's proxy filing shows Hancock's total compensation fell 23% for 2016; but he'll still get nearly $9.6M: $1.6M in base salary along with a long-term stock incentive worth $7.8M that starts paying out in 2019.

AIG said last month that Hancock would step down. He'll stay on, though until the board finds a successor.

The company is renominating Carl Icahn's representative Samuel Merksamer to another term, and as previously reported, John Paulson is leaving the board.