AIG makes chairman’s role non-executive

by David Masters

Story link: AIG makes chairman’s role non-executive

Embattled US insurer American International Group (AIG) has changed its bylaws to ensure that its chairman is independent.

The move comes one week after Harvey Golub, former American Express boss, was named as non-executive chairman.

Golub replaces executive chairman Ed Liddy, who had held the roles of CEO and chairman.

Robert Benmosche, former chairman and CEO of MetLife Inc, has been appointed as CEO.

AIG’s corporate governance practices were recently in the spotlight after it paid executives huge bonuses despite the company being propped up by a $182.5 billion loan from the US government.

The second quarter of this year was the first profitable quarter for the firm, which is 80% owned by the US government, since 2007.