8-KLeadership ChangesExhibits & Filings

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Executive Changes (Nov 8, 2024)

Filed November 8, 2024For Securities:AIG

Summary

American International Group, Inc. (AIG) announced a change to its Board of Directors via an 8-K filing on November 8, 2024. The key event is the appointment of Courtney Leimkuhler as a new director, effective November 5, 2024. This appointment increases the Board's size from 10 to 11 members and fills a newly created vacancy. Ms. Leimkuhler has been deemed an independent director by the New York Stock Exchange, a crucial factor for corporate governance and oversight. Investors should note that Ms. Leimkuhler will participate in the company's standard compensation program for independent directors. While there are no specific arrangements that led to her appointment, there is a disclosed past relationship where an AIG subsidiary made a capital commitment to a venture capital fund managed by an entity in which Ms. Leimkuhler holds a controlling interest. This relationship, involving management fees and potential carried interest, is detailed for transparency. The appointment aims to strengthen the Board's expertise and oversight capabilities.

Key Highlights

  • 1Appointment of Courtney Leimkuhler as a new independent director to the Board, effective November 5, 2024.
  • 2The Board size has been expanded from 10 to 11 directors to accommodate the new appointment.
  • 3Ms. Leimkuhler has been classified as an independent director according to NYSE listing standards.
  • 4Ms. Leimkuhler will receive compensation consistent with the Company's existing director compensation program.
  • 5Disclosure of a prior capital commitment by an AIG subsidiary to a venture capital fund managed by an entity where Ms. Leimkuhler has a controlling interest.
  • 6The appointment was made to fill a newly created vacancy on the Board.

Frequently Asked Questions

Courtney Leimkuhler has been appointed as a new director to AIG's Board. The appointment is intended to add to the Board's oversight and expertise. She has been determined to be an independent director under NYSE standards.

Ms. Leimkuhler's appointment increases the size of AIG's Board of Directors from 10 to 11 members. She fills a vacancy created by this increase in board size. She has not been appointed to a committee at this time.

While Ms. Leimkuhler is considered independent, the filing discloses a past capital commitment by an AIG subsidiary to a venture capital fund managed by an entity in which she holds a controlling interest. AIG pays management fees to this fund. The company has stated there are no arrangements with any person pursuant to which Ms. Leimkuhler was appointed, and she has no family relationship with any director or executive officer.

Ms. Leimkuhler will be compensated according to the standard compensation program established for AIG's independent directors, as outlined in the company's 2024 Notice of Annual Meeting and Proxy Statement.