American International Group, Inc. (AIG) today announced that Robert S. (Steve) Miller has succeeded Harvey Golub as Chairman of the AIG Board of Directors. Mr. Golub today resigned from the AIG Board of Directors, effective immediately. A copy of his resignation letter is attached.
“On behalf of the entire Board, I would like to thank Harvey for his tremendous service to AIG,” Mr. Miller said. “AIG has established strong momentum over the last year, and we remain fully committed to delivering on AIG’s core priorities: repaying taxpayers, meeting all of the company’s obligations to its various stakeholders, and restructuring the company so that it emerges as a smaller, more focused enterprise worthy of investor confidence.”
Mr. Miller, 68, was elected to the Board on June 30, 2009. Mr. Miller is Chairman of MidOcean Partners. He retired from his role of Executive Chairman of Delphi Corporation in 2009. He was previously Chairman and Chief Executive Officer of Delphi Corporation. Prior to joining Delphi, Mr. Miller served as Chairman of Federal-Mogul, Inc., an auto parts supplier based in Southfield, Michigan. Prior to that, Mr. Miller served in a number of corporate restructuring situations, including as Chairman and Chief Executive Officer of Bethlehem Steel (2001-2003), Chairman and Chief Executive Officer of Federal-Mogul (2000-2001 and 2004-2005), Chairman and Chief Executive Officer of Waste Management (1997-1999), and Chairman of Morrison Knudsen (1995-1996). Before that, Mr. Miller had been Vice Chairman and Chief Financial Officer of Chrysler Corporation. Mr. Miller is a Director of Symantec Corporation and UAL Corporation (United Airlines).
AIG is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
The text of the letter follows:
Via Hand Delivery
|July 14, 2010|
|Mr. George Miles|
|President and CEO|
|4802 Fifth Ave.|
|Pittsburgh, PA 15213|
I am writing to you as Chairman of AIG’s Governance Committee to announce my resignation as Chairman of the Board and as a Director of AIG.
Bob Benmosche has informed the Board that he believes our working relationship as Chairman and CEO to be ineffective and unsustainable. At this point, I view asking the Board to choose between us would be an abdication of my responsibility to lead. Consequently, I’m resigning for the simple reason I believe it is easier to replace a chairman than a CEO – particularly a company in the midst of two major activities: (1) a major corporate restructuring, and (2) development of an exit plan from government control, both of which involve executing a long list of difficult tasks.
I appreciate the support I’ve received from my fellow Directors and their desire to have me remain as Chairman. I’m proud of all of you and the work we have accomplished in moving AIG from a company being dissolved to one on the cusp of having an implementable strategy to pay back the government and stand on its own as a viable and independent insurance company.
I wish all of you the best of luck. It has been my privilege to work with you.
Very truly yours,
/s/ Harvey Golub
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Christina Pretto, 212-770-7803
Mark Herr, 212-770-3505 or 718-685-9348 (cell)
Teri Watson, 212-770-7074
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