AIG Nominates 6 New Independent Directors

NU Online News Service, May 20, 10:11 a.m. EDT

American International Group announced that with government monitors' approval it is reconfiguring its board with the nomination of six new members to give it a majority of new independent directors.

The new independent director nominees have backgrounds as executives in a wide range of industries, including manufacturing, retailing, financial services and transportation. They will stand for election June 30 at the AIG annual shareholders meeting, the company said.

The six new nominees are Harvey Golub, Laurette T. Koellner, Christopher S. Lynch, Arthur C. Martinez, Robert S. (Steve) Miller and Douglas M. Steenland.

Edward M. Liddy, AIG's chairman and chief executive officer, said the selections were made by the AIG board "working closely" with the three trustees of the AIG Credit Facility Trust, the entity which has oversight of the government's 79.9 percent stock interest in the company.

Adding the six new directors to the AIG board will help "AIG achieve its goals of maximizing the value of AIG's core businesses and repaying U.S. taxpayers. The AIG board will continue its commitment to responsible governance practices and the protection of the interests of shareholders, policyholders and other stakeholders," said Mr. Liddy.

He called the director candidates "outstanding individuals with excellent leadership and business backgrounds. The new candidates have extensive experience with large, complex organizations and in the areas of financial services, accounting and restructuring."

The new nominees are:

o Harvey Golub, 70, who was former chairman and CEO of American Express Company from 1993-2001. Prior to joining American Express, Mr. Golub was a senior partner with McKinsey & Co. He is the non-executive chairman of Ripplewood Holdings, a private equity firm based in New York.

o Laurette T. Koellner, 54, is a retired senior vice president of The Boeing Company and the retired president of Boeing International. Prior to that, she was president of Connexion by Boeing. She serves on numerous boards and is a member of the Council on Foreign Relations.

o Christopher S. Lynch, 51, is an independent consultant providing a variety of services to financial intermediaries, including risk management, strategy, governance, financial and regulatory reporting, and troubled-asset management. He retired from KPMG in 2007, where he held a variety of positions, including National Partner in Charge-Financial Services. He is a director of the Federal Home Loan Mortgage Corporation (Freddie Mac).

o Arthur C. Martinez, 69, is the former chairman, president and CEO of Sears, Roebuck and Co. He was chairman of the Federal Reserve Bank of Chicago from 2000-2001 and director from 1996-2002.

o Robert S. (Steve) Miller, 67, is Delphi Corporation executive chairman. He was previously Delphi chairman and CEO. Prior to joining Delphi, Mr. Miller served as chairman of Federal-Mogul Inc., an auto parts supplier based in Southfield, Mich. Prior to that, Mr. Miller served in a number of corporate restructuring situations as CEO in a number of industries.

o Douglas M. Steenland, 57, served as Northwest Airlines Corporation president and CEO from October 2004 until October 2008 when Northwest Airlines and Delta Air Lines Inc. merged. Mr. Steenland served as president of Northwest Airlines from April 2001 to October 2004.