American International Group today named Paula Rosput Reynolds, the former chairman and chief executive officer of Safeco, to oversee the asset sale needed to pay back its huge borrowings from the Federal Reserve Board.
It also named Richard Booth, currently its chief administrative officer and head of its Hartford Steam Boiler property-casualty business, to lead the unit responsible for restructuring the smaller company that will emerge after AIG divests the assets needed to repay the Fed.
Ms. Reynolds will serve as a vice chairman and its key liaison to the Fed, the company said.
Mr. Booth, president AIG, previously AIG senior vice president, and chief administrative officer, will also be become a vice chairman. He will head transition planning as well as continue as its chief administrative Officer.
AIG chairman and CEO Edward Liddy said Mr. Booth will be responsible for restructuring AIG's corporate center, overseeing the separation of companies being sold by AIG and executing AIG's operational transition to its new organizational structure.
Mr. Booth will also retain his current jobs, which include AIG's global operations and systems, corporate administration, corporate research and development, and a variety of special projects.
He will also continue to serve as Chairman of HSB Group, Inc. (HSB), formerly Hartford Steam Boiler, until it is sold, the company said.
Both will report to Mr. Liddy.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.