NU Online News Service, April 24, 2:03 p.m. EDT
American International Group Inc. announced appointments today for two executives whom it said would have a major involvement in efforts to liquidate assets and restructure the firm to pay off government debt.
Matthew E. Winter, AIG senior vice president and president and chief executive of American General Life Companies, was named vice chairman, transition planning and administration, reporting to AIG Chairman and CEO Edward M. Liddy.
Mr. Winter fills a spot vacated by Richard H. Booth, 62, who has retired, AIG said.
Mr. Winter, who previously served as executive vice president at MassMutual Financial Group, will continue in his post at American General Life Companies, the company said.
AIG said Jeffrey Hurd, 42, has been named AIG vice president and chief administrative officer and will oversee AIG’s global operations and systems, corporate administration, and a variety of special projects, reporting to Mr. Winter.
Mr. Hurd will continue to serve as senior vice president and head of Asset Management Restructuring, reporting to Paula Reynolds. He joined AIG in 1998 in the Corporate Legal Department, and was most recently AIG Investments senior managing director, chief administrative officer and general counsel.
Mr. Liddy said in a statement that Mr. Winter and Mr. Hurd “will play key roles in AIG’s efforts to restructure its businesses and repay the government assistance it has received.”
“We continue to make progress every day. With their excellent management skills, Matt and Jeff will help continue our momentum,” Mr. Liddy said.
The government has supplied a $170 billion bailout for the company in the wake of its financial difficulties after bad investments in mortgage-backed securities caused billions in losses.