Former Maine CEO in Hot Seat over AIG Bonuses

April 7, 2009

The public outrage aimed at American International Group over bonuses given to its executives has reached the man whose committee approved the payouts: James F. Orr, former chief executive officer of Unum Corp.

The Portland Press Herald said leaders of several union and public pension funds that own AIG stock called on AIG’s three government-appointed trustees last week to remove Orr, who serves as chairman of the directors’ executive compensation committee.

Orr was widely credited with building Unum Corp. into a multibillion-dollar disability insurance company in the 1980s and 1990s when it was headquartered in Portland. He now lives in Massachusetts.

At AIG, Orr was chairman of the executive committee when it approved the AIG executive compensation and retention plans that resulted in the controversial bonuses.

Information from: Portland Press Herald

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