AIG names former Amex CEO as chairman
Written on August 10, 2009
American International Group Inc., the insurer that has received about $180 billion of federal bailouts, Thursday named former American Express Co. chief executive Harvey Golub as its non-executive chairman.
Golub replaces Edward Liddy, who is also stepping down as chief executive of the New York-based insurer. On Monday, AIG (AIG, Fortune 500) named Robert Benmosche, a former chief of MetLife Inc. (MET, Fortune 500), to replace Liddy as chief executive.
Golub, 70, joined AIG’s board in May 2009, and is also nonexecutive chairman of Ripplewood Holdings, a New York-based private equity firm. He was chairman and chief executive of American Express (AXP, Fortune 500) from 1993 to 2001.
Benmosche said in a statement that Golub would help AIG "realize the true value" of its businesses "for the benefit of all of our stakeholders, including clients, employees and the U.S. government no teletrack payday loans."
Benmosche and Golub are due to start their new jobs on Monday.
Once the world’s largest insurer, AIG nearly collapsed last year because of exposure to credit default swaps, which left it on the hook for tens of billions of dollars of payouts.
The U.S. owns nearly 80% of AIG, and the insurer has been selling businesses to repay the government.
AIG is expected to report second-quarter results on Friday. It has lost money for five straight quarters, but some analysts think investment gains might bolster its latest results.
Shares of AIG closed Thursday up 53 cents at $22.53 on the New York Stock Exchange. AIG conducted a 1-for-20 reverse stock split at the end of June.
Filed in: legal.