AIG Chairman Steps Down, New Chairman Named

Vanessa Doctor

15 July 2010

American International Group has announced that Robert Miller will be taking over as chairman of the Board of Directors after the departure of Harvey Golub.

Miller has been a member of the board since 30 June 2009 and is chairman of MidOcean Partners.

It is understood, based on the resignation letter seen by WealthBriefing Asia, that Golub has tendered his resignation due to conflicts with chief executive officer Bob Benmosche. He noted that asking the board to choose between them would be an abdication of his responsibility and is counter to the current restructuring effort the firm is undergoing.

In a statement, Miller assured the market of the firm's stability.

"On behalf of the entire Board, I would like to thank Harvey for his tremendous service to AIG. We remain fully committed to delivering AIG's core priorities: repaying taxpayers, meeting all obligations to stakeholders, and restructuring the company so that it emerges as a smaller, more focused enterprise worthy of investor confidence," said Miller.

AIG is said to be eyeing the sale of a 50 per cent stake in AIA in Hong Kong for as much as $15 billion.