(Reuters) - American International Group Inc's AIG.N former Chief Executive Robert Willumstad has rejected a $22 million severance payment, the Wall Street Journal reported, citing a person familiar with the decision.

Willumstad e-mailed his successor, Edward Liddy, of his decision to forego the severance since he was not able to execute the restructuring plan he had developed, the paper said.

The newspaper also reported major shareholders concerned about the government takeover were planning to meet on Monday to discuss alternatives to the federal bailout, citing a person familiar with the matter.

AIG and Robert Willumstad could not be immediately reached for comment.