American International Group Inc CEO Brian Duperreault said on Wednesday the company would likely slow the pace of share buybacks and instead spend on acquisitions. "I'd love to find great additions to the company. I think the important thing is that we look at companies that can make us better," Duperreault told Reuters after the company's annual general meeting in New York.
To meet the objective, AIG would slow its pace and frequency of share buybacks. "The likelihood we can continue the pace of share buybacks is low because there are other things I can use the money on," Duperreault said. AIG named Brian Duperreault as its new chief executive officer in May this year, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise. The company's shareholders on Wednesday approved 2016 compensation for executives, including AIG's former chief executive, Peter Hancock.
Shareholders voted to award Hancock a total compensation of $9.58 million for 2016, including a $1.6 million base salary, longer-term incentive pay in stock worth more than $7.8 million and additional funds. Hancock was not awarded a cash bonus for his work last year, after the company's dismal financial performance roiled shareholders.