Steve Miller, chairman of American International Group Inc., speaks during a Bloomberg Television interview in New York, U.S., on Tuesday, Sept. 2, 2014. (Photographer: Victor J. Blue/Bloomberg)

(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.

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