AIG's board elected Miller to the position yesterday, the New York-based company said in a statement. Miller, 64, joins Donald H. Layton and Ronald A. Rittenmeyer, whom the U.S. Treasury Department picked for the board last week.
The size of AIG’s board is increasing as the insurer raises money to repay its $182.3 billion bailout that gave the government a majority stake in the company. Treasury was allowed to add directors after AIG skipped dividend payments on the government’s holdings for four quarters. The board also had a vacancy created by the departure of Dennis Dammerman, who left in February for health reasons.
“We are fortunate to have a director with the experience and perspective that Henry Miller will bring to the AIG board,” said AIG Chairman Harvey Golub. “Henry will be a valuable addition as we continue to work to restore AIG as a strong company with solid businesses and to repay the U.S. government for its financial assistance.”
Miller is a former vice chairman at investment banking firm Dresdner Kleinwort Wasserstein and was a global head of its restructuring group until 2002. He and other bankers left to form New York-based investment bank Miller Buckfire to avoid potential conflicts with parent Dresdner Bank AG.
Miller is also chairman and chief executive officer of Miller Buckfire’s affiliated business, Marblegate Asset Management, an investment manager that buys distressed debt.