Date
17 November 2017
Steve Miller oversaw AIG's recovery from the global financial crisis in 2008 when it nearly collapsed. Photo: Bloomberg
Steve Miller oversaw AIG's recovery from the global financial crisis in 2008 when it nearly collapsed. Photo: Bloomberg

AIG rebound architect quitting after five years

Robert “Steve” Miller plans to step down in July as chairman of American International Group Inc. after five years in the role.

AIG directors have yet to decide on a replacement but the next outside chairman is expected to be a current board member, the Wall Street Journal reported Tuesday, citing a person familiar with the matter.

Miller joined AIG’s board in 2009 and became chairman in July 2010 during a challenging time for the global insurance giant.

The company nearly collapsed during the 2008 financial crisis and received more than US$180 billion of taxpayer assistance in one of the biggest single US rescue packages. AIG repaid the government by late 2012.

Miller will give up the chairmanship but remain a board member because AIG’s corporate governance guidelines state a non-executive chairman should not serve for more than five years and “there’s no compelling reason to extend” Miller’s chairmanship while the company is stable, the report said.

A veteran restructuring specialist who oversaw the restructuring of other troubled companies, Miller took command of the board in 2010 as AIG needed help navigating a complicated plan to repay US taxpayers through asset sales and a change in the financial structure of the company.

Previously, Miller served as chief executive of auto-parts maker Delphi Corp. between July 2005 and September 2007.

He stayed as executive chairman until fall 2009 when the company emerged from a protracted bankruptcy.

As AIG chairman, Miller found ways to co-exist with AIG’s strong willed chief executive Robert Benmosche who clashed with former chairman Harvey Golub and pushed him to resign.

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CG/RA

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