The top executive of insurance giant American International Group Inc.'s airplane leasing unit in Century City had his salary cut by $1 million and was demoted after an affair with an employee. Henri Courpron 49 will retain his position as chief executive of International Lease Finance Corp. one of the world's largest aircraft leasing companies with a fleet of 930 commercial aircraft. AIG said he had been earning $5.4 million in annual compensation before the pay cut. But AIG named one of its outside corporate directors former Boeing Co. executive Laurette Koellner to the newly created role of ILFC executive chairman. In that role Koellner will be the most senior executive AIG said. I apologize for my mistake and the time consuming distractions it created Courpron said in a statement.I am committed to keep moving forward with the ILFC team and Laurette. He could not be reached for further comment. With plush headquarters at Constellation Place formerly known as MGM Tower International Lease Finance Corp. buys aircraft and rents them to airlines for a fixed period. The company better known as ILFC has business relationships with nearly every major airline around the globe. Courpron a French native was tapped in May 2010 to take the helm of the leasing business. At the time the appointment of the longtime Airbus executive was seen as a way to bring some stability to the business. The company said its investigation of Courpron's behavior began after AIG received an anonymous ...

• published: 22 Jun 2012
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• author: mallu girls