(Bloomberg) – Billionaire John Paulson is planning to step down from American International Group Inc.'s board after his hedge fund sold shares in the insurer, according to a person familiar with the plan.
The move is expected to be announced in the insurer's proxy filing within days, said the person, who asked not to be identified discussing disclosures that haven't been made public.
Advocate for shrinking AIG
Paulson's planned exit will remove one of the board's more prominent advocates for shrinking the company. Directors are seeking a replacement for Chief Executive Officer Peter Hancock, and potential successors will want to know whether the job will involve breaking up the insurer, a more limited plan for asset sales or even a focus on growth. Paulson had proposed splitting AIG into three separate companies, a plan that won support from billionaire Carl Icahn. AIG Chairman Doug Steenland wrote in a letter to shareholders last week that it would be a mistake to divide the insurer into separate companies.
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