Robert Willumstad, ex-CEO of American International Group (AIG), has refused $22 million in severance pay from his former employer.
Given that he was CEO for all of a month and was tossed by Treasury secretary Hank Paulson because he helped forced the government to bail the company out this is EXACTLY the right thing to do. It’s also highly unusual and commendable behaviour.
In a note to his successor, Edward Liddy, Willumstad indicated that he was refusing the pay on the count that he was unable to execute his own restructuring plan. Willumstad’s move consitutes a rare display of propriety in the financial world.
How much will Lehman CEO Dick Fuld take when he walks away from the wreckage of the firm he crashed and burned?
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