American International Group Inc named director Robert “Steve” Miller as its new chairman, after Harvey Golub resigned amid tensions with Chief Executive Robert Benmosche.
Benmosche told the board that he “believes our working relationship as Chairman and CEO to be ineffective and unsustainable,” Golub wrote in a letter to AIG director George Miles. “At this point, I view asking the board to choose between us would be an abdication of my responsibility to lead,” Golub said. “Consequently, I’m resigning for the simple reason I believe it is easier to replace a chairman than a CEO.”
Miller, 68, was elected to the board in June last year. Miller is chairman of MidOcean Partners. He retired as executive chairman of Delphi Corp in 2009.
Separately, AIG decided it will proceed with a plan to take its Asian life insurance business public later this year, the Wall Street Journal reported.
AIG’s board was scheduled to meet on Wednesday to consider the future of the unit, American International Assurance, and a public float was seen as the most likely outcome, sources told Reuters previously. The Journal said AIG directors discussed the next steps for a Hong Kong listing of the unit.
AIG declined to comment on the Journal report.
