(Bloomberg) -- American International Group Inc.’s Steve Millerplans to relinquish his position as chairman of the insurer’sboard, according to a person familiar with the matter.
|Miller, 73, joined the board in 2009 and became chairman in July2010. Company policy limits the chairman to a five-year term, whichis unlikely to be extended in this case, said the person, who askednot to be identified speaking about board personnel matters.
|Miller helped oversee New York-based AIG’s repayment of morethan $182 billion to the U.S. government and the hand-off fromformer Chief Executive Officer Robert Benmosche to the current CEOPeter Hancock.
|A spokesman for AIG declined to comment. The WallStreet Journal, which reported Miller’s plan earlier today, saidAIG’s board hasn’t decided on a replacement. Miller would remain aboard member, the newspaper said.
|Miller, who titled his memoir “The Turnaround Kid” and helpsrescue companies that are near failure, replaced Harvey Golub aschairman after Golub and Benmosche decided they couldn’t worktogether.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
