American International Group's embattled chairman and chief executive officer, Edward M. Liddy, will step down as soon as replacements can be found, with the two leadership positions to be filled by separate individuals, the company announced last week.

Mr. Liddy informed his board of directors that he would leave his posts "once the board successfully concludes a search for replacements for these roles," according to AIG, which noted that Mr. Liddy has "recommended to the board that the chairman and CEO roles be separated."

"The board concurs with Mr. Liddy's recommendation that the roles of chairman and CEO be separated, and intends to conduct a search to fill each position," the company said in a statement.

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