|AIG BOARD ELECTS ROBERT B. WILLUMSTAD CHAIRMAN, SUCCEEDING INTERIM CHAIRMAN FRANK G. ZARB|
CHANGE TO BE EFFECTIVE NOVEMBER 1, 2006
NEW YORK--Sept. 20, 2006--American International Group, Inc. (AIG) announced that its Board of Directors has elected Robert B. Willumstad Chairman, effective November 1, 2006. He succeeds Frank G. Zarb, who has served as Interim Chairman since April, 2005. The unanimous action of the Board took place at a Board meeting in London. Mr. Zarb remains an AIG Director and will continue to serve as a non-voting member of each standing committee of the Board.
Mr. Willumstad, 61, was elected to the AIG Board of Directors in January 2006. He retired in 2005 as President and Chief Operating Officer of Citigroup, Inc. He was a member of the Citigroup Management and Business Heads Committee and of the Citigroup Board of Directors. Earlier, Mr. Willumstad served as Chairman and Chief Executive Officer of the Global Consumer Group at Citigroup, with responsibility for all of Citigroup's global consumer businesses, including credit cards, consumer finance and retail banking. Mr. Willumstad previously was Vice Chairman of the Global Consumer Group and led Citigroup's Global Consumer Lending shortly after the merger of Citicorp and Travelers Group in 1998. Prior to the formation of Citigroup, he was Chairman and Chief Executive Officer of Travelers Group Consumer Financial Services. He joined CitiFinancial (then Commercial Credit, a predecessor company) in 1987. Mr. Willumstad earlier spent 20 years with Chemical Bank in operations, retail banking and computer systems. He is also a member of the Board of Directors of S.C. Johnson & Son, Inc., Habitat for Humanity and Adelphi University.
Commenting on the Board's action, Mr. Zarb said, "Bob Willumstad is a superb choice to assume the position of AIG Chairman. I have known Bob for many years and have worked with him in the past. I have tremendous respect for his judgment, intellect and expertise in the insurance and financial services industries. I am pleased to begin the transition of the responsibilities of Chairman to Bob. Over the past 18 months, AIG's Board of Directors and its senior management have transformed the company in many ways, most particularly in the area of corporate governance, composition of the Board of Directors, transparency, regulatory compliance and the installation of a new management team, headed by President and Chief Executive Officer Martin Sullivan. Martin has assumed the reins of leadership of AIG and has convincingly demonstrated to the Board his commitment and ability to build the company's global leadership position in all its principal business areas."
Mr. Sullivan added, "I am delighted with the action the Board has taken and look forward to working with Bob Willumstad and the Board in continuing to strengthen the AIG franchise around the world. I would also like to thank Frank Zarb for the invaluable leadership he has provided in helping to enhance the Board's role and in advising management on the governance and management issues we have dealt with over the past year and a half. AIG, its shareholders and employees are fortunate to have had a person of Frank's integrity, experience and judgment in the role of Chairman during this period. I am pleased that AIG will continue to benefit from his contributions as a Director. My thanks also go to the other members of the AIG Board for their support. I know Bob will make an excellent Chairman and provide valuable counsel as we move forward."
Mr. Willumstad commented, "I am pleased that the Board of Directors has elected me to the position of Chairman. Frank Zarb has provided strong leadership to the Board during a period in which significant change has occurred in AIG's management team, the Board's composition, and in the governance of AIG. This is an outstanding organization with world class businesses and a great management team. No other organization I know of has the worldwide franchise in insurance and financial services that AIG has built over the years. I feel privileged to be a part of this effort and look forward to working with Frank and my other Board colleagues, as well as with Martin and his team, to build AIG's future."
As Chairman, Mr. Willumstad will be an ex-officio non-voting member of each standing committee of the Board. In connection with the transition of the responsibilities of Chairman, Morris W. Offit will succeed Mr. Willumstad as Chairman of AIG's Finance Committee and Michael H. Sutton will succeed Mr. Offit as Chairman of AIG's Audit Committee. Mr. Offit will continue to serve as a member of AIG's Audit Committee.
American International Group, Inc. (AIG), world leaders 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 London, Paris, Switzerland and Tokyo.