American International Group Inc. said former airline industry boss Douglas M. Steenland will succeed Robert S. "Steve" Miller as non-executive chairman on July 1.
Messrs. Steenland and Miller both joined the board of the global insurance giant in June 2010 as the company was seeking to recover from its near collapse in 2008 and the federal government was its majority owner. AIG ultimately received more than $180 billion of taxpayer assistance in one of the biggest single U.S. rescue packages, all of which was repaid to taxpayers by late 2012.
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Mr. Steenland, 63 years old, served as chief executive of the former Northwest Airlines Corp. from 2004 to 2008 and had previously served as president and general counsel. Mr. Steenland retired from Northwest Airlines when it merged with Delta Air Lines Inc.
The Wall Street Journal reported last month that Mr. Miller intended to step down as chairman this July while remaining on the board, after five years in the leadership role. AIG's corporate governance guidelines provide that, generally, an individual shouldn't serve in that role for more than five years, according to AIG.
Both Messrs. Steenland and Miller are standing for re-election at AIG's upcoming annual meeting on May 13.
"We remain committed to an AIG that is transparent, well-managed, and valued by all of its stakeholders," Mr. Steenland said in an AIG statement released Thursday morning.
Mr. Miller is a veteran restructuring specialist who oversaw the restructuring of other troubled companies. He led AIG as it devised a plan to repay U.S. taxpayers through asset sales and a change in the financial structure of the company.
Previously Mr. Miller served as CEO of auto-parts maker Delphi Corp. between July 2005 and September 2007, and stayed as executive chairman until fall 2009, when the company emerged from a protracted bankruptcy.
"It has been a great honor 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," Mr. Miller said in the release.