NEW YORK--May. 21, 2009--
American International Group, Inc. (AIG) announced today that Chairman
and Chief Executive Officer Edward M. Liddy has informed the Board of
Directors of his intention to step down once the Board successfully
concludes a search for replacements for these roles.
Mr. Liddy has recommended to the Board that the Chairman and CEO roles
be separated. Earlier this week, the company announced the nomination of
six new directors to stand for election at the company’s annual
shareholder meeting on June 30, 2009. This slate will reconfigure the
Board so that a majority of its members will be newly elected
Working with the Board, Mr. Liddy has determined that, coincident with
the reconfiguration of the Board, the company should also initiate the
necessary actions to install a more permanent leadership team and
structure. The Board concurs with Mr. Liddy’s recommendation that the
roles of Chairman and CEO be separated and intends to conduct a search
to fill each position. The search will include participation by both the
reconstituted Board and the Trustees of the AIG Credit Facility Trust.
“Much work remains to be done at AIG, but much has already been
accomplished,” Mr. Liddy said. “With the financial assistance of the
Federal Reserve Bank of New York and the U.S. Department of the
Treasury, we have made substantial progress in stabilizing AIG, reducing
the systemic risk that led the government to rescue the company,
protecting our policyholders and our businesses, and developing a plan
to repay American taxpayers.
“I am proud that we are now implementing this repayment plan. As we have
noted repeatedly, our pace of success will depend on global economic
conditions and financial markets. It is likely to take several years.
AIG should have a leadership team committed to a similar time horizon
and prepared to carry the plan to completion,” Mr. Liddy concluded.
“In mid September 2008, Ed Liddy answered the call of his country and
the needs of AIG without reservation amid one of the darkest periods of
the current financial crisis,” said Stephen A. Bollenbach, AIG’s lead
director. “Coming out of retirement, he has led AIG effectively and
courageously – and without compensation. Today, AIG has a durable
capital structure, manageable liquidity, and is executing on a credible
plan to repay the American taxpayer. We are deeply grateful for Ed’s
accomplishments and his leadership, and we wish him well in his return
to retirement. He deserves it.”
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.
Christina Pretto, 212-770-7083
Teri Watson, 212-770-7074