American International Group Inc. and four other companies overseen by the Obama administration pay master Kenneth Feinberg will cut cash payments to executives by 33% from last year.
Total compensation for 2010, including cash, will fall by about 15% from last year, Feinberg said at press briefing Tuesday in Washington. Feinberg released pay decisions on the top 25 executives at AIG, General Motors Co., GMAC Inc., Chrysler Group LLC and Chrysler Financial Corp.
Feinberg said he will also review pay at 419 companies for a four-month period of 2008 and 2009. The seven companies initially under his supervision will receive the most scrutiny, he said.
Feinberg said he "probably" will identify by name executives in his review who received compensation not in the public interest.