As soon as replacements are found for the chair and CEO positions, which are being separated. Any takers?
I wanted to let you know that I have informed the Board of Directors of my intention to
step down from my roles as Chairman and Chief Executive Officer once the Board
successfully concludes a search for replacements for these roles.
While much work remains to be done at AIG, we can all be proud that much has already
been accomplished. With the financial assistance of the Federal Reserve Bank of New
York and the U.S. Department of the Treasury, we have made substantial progress in
stabilizing AIG, reducing the systemic risk that led the government to rescue the
company, protecting our policyholders and our businesses, and developing a plan to
repay American taxpayers.
I am proud that we are now implementing this repayment plan. As we all know too well, our pace of success will depend on global economic conditions and financial markets. It is likely to take several years. All of you should have a leadership team committed to a similar time horizon and prepared to carry the plan to completion.
As you know, earlier this week, we announced the nomination of six new directors to
stand for election at the company's annual shareholder meeting on June 30, 2009. This
slate will reconfigure the Board so that a majority of its members will be newly elected
I have recommended to the Board that the Chairman and CEO roles be separated, and
working with the Board, I have determined that, coincident with the reconfiguration of
the Board, the company should also initiate the necessary action to install a more
permanent leadership team and structure.
The Board concurs with my recommendation that the roles of Chairman and CEO be
separated and intends to conduct a search to fill each position. The search will include
participation by both the reconstituted Board and the Trustees of the AIG Credit Facility
I am confident that this will be an orderly transition. Time and again I have been
impressed with the resilience and professionalism of the AIG community. Thank you for
your dedication and your patience during these trying times. We plan to hold a Town Hall
meeting on Wednesday, May 27, 2009, at 8:30 AM ET to talk more about the transition
plan and answer any questions you may have. In the meantime, I look forward to
continuing to work with all of you as we make progress on our plan.
Letter To Employees [PDF]