8-KLeadership ChangesOther Events

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Executive Changes (May 21, 2009)

Filed May 21, 2009For Securities:AIG

Summary

This Form 8-K filing from American International Group, Inc. (AIG) dated May 21, 2009, primarily reports significant changes in its Board of Directors and executive leadership. Three directors, Stephen F. Bollenbach, Martin S. Feldstein, and James F. Orr III, have announced they will not seek re-election at the upcoming 2009 Annual Meeting of Shareholders. This move is concurrent with a broader strategic decision to establish a more permanent leadership team and structure. Furthermore, current Chairman and CEO Edward M. Liddy has indicated his intention to resign once permanent successors are appointed. The Board of Directors supports Liddy's recommendation to separate the roles of Chairman and CEO and plans to initiate a search for candidates for both positions. This search will involve the reconstituted Board and the Trustees of the AIG Credit Facility Trust, reflecting the significant influence and oversight of the U.S. Treasury following AIG's government bailout.

Key Highlights

  • 1Three directors (Bollenbach, Feldstein, Orr) will not stand for re-election at the 2009 Annual Meeting.
  • 2Chairman and CEO Edward M. Liddy intends to resign once permanent replacements are in place.
  • 3AIG plans to separate the roles of Chairman and Chief Executive Officer.
  • 4A search for new, permanent leaders for both Chairman and CEO positions will be conducted.
  • 5The search process will involve the reconstituted Board of Directors and the Trustees of the AIG Credit Facility Trust.
  • 6This filing signifies a strategic move towards a more stable and permanent leadership structure for AIG.

Frequently Asked Questions

The filing does not specify the exact reasons for the directors' decision not to seek re-election, but it notes that it coincides with a broader initiative to reconfigure the Board and establish a more permanent leadership team and structure for AIG.

Edward M. Liddy has informed the Board of his intention to resign once appropriate permanent replacements are appointed. The exact timing is dependent on the successful completion of the search process for both roles.

Yes, the Board of Directors concurs with Mr. Liddy's recommendation to separate the roles of Chairman and Chief Executive Officer and intends to conduct a search to fill both positions independently.

The search for permanent replacements for the Chairman and CEO roles will involve both the reconstituted Board of Directors of AIG and the Trustees of the AIG Credit Facility Trust, which was established for the benefit of the United States Treasury.