Edward Liddy, chairman of American International Group Inc., has told the AIG board that he will step down when the board finds a successor.
Liddy, 63, who is chief executive officer of AIG, New York, as well as chairman, has recommended that the company separate the roles and install a more permanent leadership team and leadership structure, the company says.
Liddy will be stepping down from his position on the AIG board and the CEO post as well the post of chairman, and the board has agreed to conduct separate searches to fill each position, AIG says.
The government now owns a 79.9% stake in AIG. A trustee of the AIG Credit Facility Trust, a body formed to oversee the government’s stake in AIG, said earlier this month that the trust was encouraging AIG to nominate more independent directors. Earlier this week, AIG said it will be nominating 6 new independent directors.