AIG’s CEO to step down from the board

by Richard Kilner

Story link: AIG’s CEO to step down from the board

American International Group, Inc. (AIG) has announced changes at the very top of the firm with chairman and chief executive officer Edward M. Liddy indicating he is to step down from the board once successors have been selected.

Earlier this week the board announce half a dozen new directors would stand for election on 30 June at the annual shareholder meeting.

The board may grow even larger, as Liddy has suggested that the roles of chairman and chief executive officer should not be given to a single successor and the posts separated.

He has also said that although AIG has achieved much the insurer still has a lot of work to do, and with its exposure to risk reduced the firms needs to concentrate on paying back the US taxpayer who helped to stabilise the firm.

To that end AIG has, over recent months, sold off a large number of assets, from prime real estate in downtown Tokyo to insurance businesses.