NU Online News Service, Aug. 16, 10:51 a.m. EST
American International Group Inc. has named Brian T. Schreiber, the man who led the restructuring and recapitalization of the once-bailed out insurance giant, as its treasurer.
The new title is in addition to the role he gained late in 2010—executive vice president, treasury and capital markets, says New York-based AIG in a statement.
Schreiber takes over for Robert A. Gender, who held the role since 2005 and "helped steer AIG Treasury through a most challenging time in AIG's history," the company says.
David L Herzog, AIG chief financial officer, says Schreiber will be working with him to "execute on our capital management goals."
As a leader in the efforts to arise from the government bailout given to AIG to prevent collapse in 2008, Schreiber "played a key role in our reemergence as an independent company," adds Herzog.
AIG recorded a second-quarter profit of $1.8 billion compared to a net loss of $2.7 billion for the second quarter a year ago.
Robert H. Benmosche, president and chief executive of AIG, says the company's crisis is over and it is operating independent of government support, as a recapitalization milestone was reached with an $8.7 billion common stock offering consisting of 100 million AIG shares and 200 million shares from the U.S. Treasury.
The Treasury still holds a majority stake (about 77 percent) in the company.
Schreiber has been with AIG since 1997 as a portfolio manager in the company's asset management group. He was promoted to vice president of strategic planning in 2002, senior vice president in 2003 and then executive vice president of treasury and capital markets last year.
Schreiber holds a bachelor's degree from New York University and a master's degree from Columbia University.
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