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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