Robert S. “Steve” Miller intends to step down in July as chairman of American International Group Inc. after five years in the role, a person familiar with the matter said Monday.
directors haven’t yet decided on a replacement, but the next outside chairman is expected to be a current board member, this person added.
Miller will give up the chairmanship but remain a board member because AIG’s corporate governance guidelines state a non-executive chair should not serve for more than five years, and “there’s no compelling reason to extend” Mr. Miller’s chairmanship while the company is stable, said the person familiar with the matter.
As AIG’s chair Miller found ways to co-exist with AIG’s strong willed chief executive Robert Benmosche, who clashed with prior chair Harvey Golub and pushed Golub to resign, people familiar with the situation said at the time. Benmosche stepped down last September as CEO and president, and in February died from lung cancer. His successor, Peter Hancock, received a $12.1 million pay package for 2014 as he assumed those positions, according to a federal filing on Monday.
In a separate letter to shareholders released Monday, Hancock indicated that more divestitures could lie ahead “as we sculpt the future AIG.” Future initiatives would include “selling businesses that lack current or realizable potential synergy with our core operations.”
An expanded version of this report appears at WSJ.com.
View more information: https://www.marketwatch.com/story/aig-chairman-steve-miller-to-step-down-in-july-2015-03-30