|U.S. TREASURY APPOINTS TWO DIRECTORS TO AIG BOARD OF DIRECTORS|
NEW YORK, Apr 01, 2010 --American International Group, Inc. (AIG) announced today that the U.S. Department of the Treasury has appointed Donald H. Layton and Ronald A. Rittenmeyer to serve on the AIG Board of Directors. The appointments are effective immediately.
The Treasury Department has the right to appoint directors to AIG's Board under the terms of the Series E Fixed Rate Non-Cumulative Perpetual Preferred Stock and the Series F Fixed Rate Non-Cumulative Perpetual Preferred Stock issued by AIG to the Treasury Department in 2009, in the event that AIG does not pay dividends on those series of the Preferred Stock for a total of four quarterly periods.
"We are delighted to have Don and Ron join the AIG Board," said Harvey Golub, Chairman of the AIG Board of Directors. "We worked closely with the Treasury Department to help identify these new Directors, and we anticipate that their experience and perspective will be invaluable as we make progress toward creating enterprise value and work towards becoming a fully independent company."
The background of the two appointees follows:
Donald H. Layton
Mr. Layton, 59, is the former Chairman of the Board and Chief Executive Officer of E*Trade Financial Corporation, and former Vice Chairman of J.P. Morgan Chase & Co. He retired from E*Trade in December 2009, after serving as Chairman since 2007 and CEO since 2008. Mr. Layton had retired from J.P. Morgan Chase & Co. in 2004 after 29 years. At his retirement from JPMorgan Chase, he was responsible for approximately half of the firm, including consumer, small business and middle market banking, and wholesale operating services. He also served on JPMorgan Chase's Executive Committee, as well as the firm's Risk and Capital Committees. Mr. Layton is currently a Director of Assured Guaranty Ltd.
Between 2004 and 2007, Mr. Layton engaged in a variety of for-profit and non-profit activities. He received Bachelor and Master of Science degrees in economics simultaneously from the Massachusetts Institute of Technology and holds a Master of Business Administration degree from Harvard University, graduating as a Baker Scholar.
Ronald A. Rittenmeyer
Mr. Rittenmeyer, 62 is the retired Chairman, President and Chief Executive Officer of EDS, a leading global provider of information technology services, business process outsourcing and applications services. Before joining EDS in 2005, he served as Managing Director of The Cypress Group, a private equity firm where he was responsible for all operating aspects of the company's investment portfolio.
Mr. Rittenmeyer had previously served as Chairman, Chief Executive Officer and President of Safety-Kleen, Inc. and in similar leadership roles at AmeriServe, RailTex, Inc., Ryder TRS, Inc., Merisel, and Burlington Northern Railroad. He was with PepsiCo's Frito Lay and PepsiCo's Foods International Divisions for 20 years in senior management roles. He received his Bachelor of Science degree in commerce and economics from Wilkes University and a Master of Business Administration degree from Rockhurst University.
American International Group, Inc. (AIG) is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through one of the most extensive worldwide property casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG 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.
American International Group, Inc.