Due to his appointment as CEO of Freddie Mac, Donald Layton had submitted his resignation from the board of directors of American International Group, Inc. (AIG), effective May 16, 2012.
AIG says that, in light of Layton’s unexpected resignation, the board of directors currently expects to add a director. The board is considering Morris Offit. While Offit is retiring as a director of AIG at this year’s annual meeting, in accordance with the retirement guideline for AIG directors, it may be in the best interests of AIG and its shareholders to ask Offit to serve an additional year. This is permitted by the retirement guideline, in light of his knowledge of AIG’s businesses and affairs.
“We are thankful for Don’s service to the AIG Board of Directors,” said Robert Miller, AIG chairman of the board. “Don's appointment to lead the management team at Freddie Mac signifies an important public service to the country, and we wish him great success in his new role.”
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