(Bloomberg) -- American International Group Inc.’s Steve Miller plans to relinquish his position as chairman of the insurer’s board, according to a person familiar with the matter.
Miller, 73, joined the board in 2009 and became chairman in July 2010. Company policy limits the chairman to a five-year term, which is unlikely to be extended in this case, said the person, who asked not to be identified speaking about board personnel matters.
Miller helped oversee New York-based AIG’s repayment of more than $182 billion to the U.S. government and the hand-off from former Chief Executive Officer Robert Benmosche to the current CEO Peter Hancock.
A spokesman for AIG declined to comment. The Wall Street Journal, which reported Miller’s plan earlier today, said AIG’s board hasn’t decided on a replacement. Miller would remain a board member, the newspaper said.
Miller, who titled his memoir “The Turnaround Kid” and helps rescue companies that are near failure, replaced Harvey Golub as chairman after Golub and Benmosche decided they couldn’t work together.
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