American International Group Inc. (NYSE:AIG) shareholders got to vent frustration and elect a new slate of directors at its annual shareholder meeting, which was held Tuesday at the insurer's New York headquarters (pictured).
It marks the first shareholder meeting since the insurer was bailed out by the federal government last year. During the meeting, which could be heard on a Webcast, CEO and chairman Edward Liddy apologized to several shareholders who spoke about the losses they suffered when the insurer was wiped out.
Liddy also said that he will be retiring as chairman and CEO and suggested the new board of directors separate the roles of CEO and chairman in the future. The new board's first job will be to choose a successor to Liddy.
The 11-member board has been almost completely replaced this year, with the exception of George Miles and Morris Offit, who have been on the board since 2005.
Nominees to the board include: Harvey Golub, Laurette Koellner, Christopher Lynch, Arthur Martinez, Robert S. (Steve) Miller and Douglas Steenland. At least seven of the nominees were recommended by either the U.S. Treasury or the trustees overseeing the government's 80% stake in the company, according to Reuters. The newly elected board members will be announced by 5:00 p.m. in a press release, according to the Webcast. - Maria Woehr
Also see:
The latest on AIG's CDS unwind
The latest on AIG's auctions
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