|AIG NAMES PAULA ROSPUT REYNOLDS VICE CHAIRMAN AND CHIEF RESTRUCTURING OFFICER|
RICHARD H. BOOTH NAMED VICE CHAIRMAN, TRANSITION PLANNING AND CHIEF ADMINISTRATIVE OFFICER
NEW YORK--American International Group, Inc. (AIG) has named Paula Rosput Reynolds, former Chairman, President and Chief Executive Officer of Safeco Corporation, as Vice Chairman and Chief Restructuring Officer. In this new position, Ms. Reynolds will oversee AIG's divestiture of assets and will serve as chief liaison with the Federal Reserve Bank of New York. She reports to AIG Chairman and Chief Executive Officer Edward M. Liddy.
Richard H. Booth, previously AIG Senior Vice President and Chief Administrative Officer, has been named Vice Chairman, Transition Planning and Chief Administrative Officer. Mr. Booth will be responsible for restructuring AIG's corporate center, overseeing the separation of companies being sold by AIG and executing AIG's operational transition to its new organizational structure. Mr. Booth will continue with his current responsibilities including AIG's global operations and systems, corporate administration, corporate research and development, and a variety of special projects. He will also continue to serve as Chairman of HSB Group, Inc. (HSB) until it is sold. Mr. Booth also reports to Mr. Liddy.
Mr. Liddy said that Ms. Reynolds and Mr. Booth are both well prepared to play key roles in turning around AIG.
"Paula brings to AIG deep experience, not only as an insurance industry leader, but also as someone who has successfully realigned organizations to meet new challenges," Mr. Liddy said. "She has earned a reputation for working collaboratively with government and regulatory officials to achieve mutual goals."
Mr. Liddy also recognized Mr. Booth's successful career in the insurance industry - notably with HSB, the Travelers Corp. and the Phoenix Companies - and his particular strengths in managing complex organizations. "In his brief tenure as AIG's Chief Administrative Officer, Dick has made tremendous progress in improving efficiency and reducing costs," Mr. Liddy said.
"Both of these executives will serve us well as we restore AIG as a competitive enterprise that contributes to the economy and returns value to taxpayers and shareholders."
Ms. Reynolds was named Safeco President and Chief Executive Officer in January 2006 and Chairman in May 2008. Prior to that, she was Chairman, President and CEO of AGL Resources, an Atlanta-based energy holding company. Before joining AGL Resources, Ms. Reynolds spent 20 years in the energy business in various executive positions. She has served on a number of public boards, including Andarko Petroleum and Delta Airlines. She graduated with highest honors in economics from Wellesley College.
Richard Booth was named AIG Senior Vice President and Chief Administrative Officer in June 2008 in addition to his responsibilities as Chairman of HSB. Mr. Booth served as President and CEO of HSB from 2000 through 2007. Prior to joining HSB, he spent 30 years in various insurance industry positions, including President, Chief Operating Officer and Director of The Travelers Corporation, and Executive Vice President and a Director of the Phoenix Companies. Mr. Booth is a CPA, Chartered Life Underwriter and Chartered Financial Consultant. He received his bachelor's and master's degrees from the University of Hartford's Barney School of Business.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
Source: American International Group, Inc.