AIG chair steps down

Robert Miller, the non-executive chairman of American International Group’s (AIG) board of directors, has stepped down after nearly five years in the role.

Douglas Steenland, chairman of the board’s regulatory, compliance and public policy committee, and a member of the board’s risk and capital committee, will succeed Miller.

According to AIG corporate governance guidelines, individuals should not serve in that role for more than five years. Both Steenland and Miller, who joined the board at the same time in 2009, are standing for re-election at AIG’s upcoming annual meeting on May 13, 2015.

Steenland is the former chief executive officer of Northwest Airlines Corporation, serving from 2004 to 2008, and president, serving from 2001 to 2004.

“On behalf of the entire board, we would like to thank Steve for his tireless service and outstanding leadership since he was named chairman in 2010, and we all look forward to working with Doug in his new leadership role,” said Suzanne Johnson, chairman of the nominating and governance committee of the AIG board of directors, which led the board’s succession process.

Miller said: “It has been a great honour to serve as chairman of the board during the past five extraordinary years in AIG’s history, and I look forward to continuing to serve on the board.”

Steenland added: “AIG plays a unique role in the world, helping companies and consumers all over the world manage their risks and realise opportunities. We remain committed to an AIG that is transparent, well-managed, and valued by all of its stakeholders, and it is in that spirit that I deeply appreciate the opportunity to succeed Steve.”