Former Portland exec under fire for AIG bonuses
James Orr, the former head of Unum and once a top Portland executive, is in hot water over the American International Group Inc. bonus scandal.
Orr, an AIG director and chairman of the company's executive compensation committee, is being pressured to resign by the leaders of several unions and public pension funds that own AIG stock, according to the Portland Press Herald. The groups are blaming Orr for authorizing $165 million in bonuses for AIG executives and are asking AIG's three government-appointed trustees to remove him.
Orr was CEO of insurance company Unum from 1987 to 1999, when the company was based in Portland, and is credited for building Unum into a multi-billion-dollar company, according to the paper. He resigned as CEO when Unum merged with Provident Companies. Unum, now headquartered in Chattanooga, Tenn., employs 10,000 people, 3,000 in the Portland area.
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