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AIG Names New Executive Chairman of Plane-Leasing Unit

Source: NY Times

Posted on 22 Jun 2012 by Neilson

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AIG Plane Leasing UnitAmerican International Group (A.I.G.) said on Thursday that it had named a new executive chairman of its plane-leasing unit, the International Lease Finance Corporation, following an investigation into a relationship between the division's chief executive and another employee.

A.I.G. named Laurette T. Koellner, a former Boeing executive, to the new position. She will step down from the insurer's board.

In a statement, the insurer said that it had followed up on an anonymous tip about a "personal relationship" between the head of ILFC, Henri Coupron, and an unnamed staffer under his supervision.

During the review, Mr. Coupron and the employee acknowledged having had a relationship, which had since ended, that led to improper use of ILFC property and "inappropriate personnel decisions."

A.I.G. stripped Mr. Coupron of his chairman title and docked his annual compensation by $1 million. He will now report to Laurette T. Koellner, the new executive chairman.

"I apologize for my mistake and the time-consuming distractions it created," Mr. Coupron said in a statement. "I am committed to keep moving forward with the ILFC team and Laurette."

The announcement comes as A.I.G. seeks to take ILFC public, hoping to use proceeds from the stock sale to help pay down its government bailout.