American International Group Inc. has brought in Paula Rosput Reynolds, the former president of Safeco Corp., to oversee efforts to raise cash by selling assets.
AIG, New York, also has named Richard Booth, who has been the chief administrative officer and head of the Hartford Steam Boiler property-casualty business, to lead the unit responsible for restructuring the smaller company that will emerge after AIG divests the assets needed to pay off an $85 billion emergency credit line and other financing arrangements provided by the Federal Reserve System.
Reynolds will be a vice chairman of AIG and the company’s key liaison to the Fed, AIG says.
Reynolds has a bachelor’s degree from Wellesley College. In addition to working at Safeco, she has been a top executive in the natural gas distribution industry.
Booth also will become a vice chairman. He will head transition planning and continue to be AIG’s chief administrative officer.
Booth has a bachelor’s degree and a master’s degree in business from the University of Hartford.