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Source: AIG Looking at Former Amex CEO for Chairman Role

Posted on 06 Aug 2009

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According to a source familiar with the matter, American International Group Inc. board member Harvey Golub, the former chief executive officer of American Express Co., is the top candidate to be the insurer’s chairman.

The board of New York-based AIG hasn't reached a final decision, said the person, who declined to be identified because the talks were private. Christina Pretto, an AIG spokeswoman, declined to comment yesterday. Golub didn’t return calls.

AIG named Robert Benmosche this week to replace Edward Liddy as chief executive officer. Liddy, who is also chairman, has said that AIG should split the roles of CEO and leader of the board. The insurer’s next chairman will help AIG dismantle itself to repay loans that are part of a $182.5 billion government bailout.

Golub, 70, was CEO of American Express from 1993 to 2001. He was elected as an AIG director in June along with Laurette Koellner, Christopher Lynch, Arthur Martinez, Steve Miller and Douglas Steenland amid an overhaul of the board. Trustees managing the government’s majority stake of AIG approved most of the new directors.

AIG’s board will decide on a new chairman in a few days, said the "Financial Times", which reported yesterday that Golub may be named chairman, citing unnamed people.