American International Group Inc. announced today that chairman and chief executive officer, Edward M. Liddy, plans to step down when a search for replacements is complete for these two positions which will be split.
The company also says its board agrees with a recommendation from Edward M. Liddy, who took over the troubled insurer in September, to separate the chairman and CEO roles.
Much work remains to be done at AIG, but much has already been accomplished,” Mr. Liddy said.
Earlier this week, the troubled insurance giant announced the nomination of six new directors to stand for election at the company’s annual shareholder meeting on June 30, 2009.
The current AIG board has nine directors, several of whom have indicated that they do not intend to seek re-election.