The Federal Reserve Board of New York has named 3 trustees to control the government’s 79.9% share of American International Group Inc., New York.
The trustees are Jill Considine, a former New York banking commissioner; Chester B. Feldberg, former chairman of Barclays Americas; and Douglas L. Foshee, president and chief executive officer of El Paso Corp.
The New York Fed said the appointments were made with the full support of the Treasury Department.
The new trustees will control the taxpayers’ stake in AIG through the so-called “AIG Credit Facility Trust.”
The trustees will not sit on the board of directors of AIG. Day-to-day management of AIG will remain with the persons “charged with such management,” the New York Fed said in its statement.
The present chief executive officer of AIG is Edward Liddy, former chairman and CEO of Allstate.