New independent directors will soon hold a majority of the seats on the American International Group Inc. board.
AIG, New York, says it is adding 6 seats to the board and naming outsiders to fill the new seats.
New and returning director nominees will stand for election June 30 at the AIG annual shareholders meeting, and the new independent directors should end up holding more than half of the seats, AIG says.
The AIG board selected the nominees together with the three trustees of the AIG Credit Facility Trust, the entity which is overseeing the government’s 79.9% interest in AIG, according to AIG Chairman Edward Liddy.
Douglas Foshee, a trustee, testified last week that the trustees had recommended that AIG nominate 5 new independent directors.
Adding independent directors to the AIG board will help “AIG achieve its goals of maximizing the value of AIG’s core businesses and repaying U.S. taxpayers,” Liddy says in a statement. “The AIG board will continue its commitment to responsible governance practices and the protection of the interests of shareholders, policyholders and other stakeholders.”
The new nominees are:
- Harvey Golub, 70, the former chairman of American Express Company, New York.
- Laurette Koellner, 54, who retired from a post as a senior vice president at Boeing Company, Seattle. She is a member of the Council on Foreign Relations, New York.
- Christopher Lynch, 51, an independent consultant who has been national partner in charge-financial services at KPMG. He is a director of the Federal Home Loan Mortgage Corp., Washington.
- Arthur Martinez, 69, the former chairman, Sears, Roebuck and Company, Chicago. He was chairman of the Federal Reserve Bank of Chicago from 2000 to 2001.
- Robert Miller, 67, executive chairman of Delphi Corp., Troy, Mich.
- Douglas Steenland, 57, former president of Northwest Airlines Corp., Milwaukee.