Yesterday, American International Group, Inc. (AIG) filed a preliminary proxy statement with the the SEC for its upcoming annual meeting of stockholders. In addition to a number of corporate governance and other proposals relating to the financial assistance provided to AIG by the Federal Reserve and Treasury, as well as various stockholder proposals, the preliminary proxy statement reflects a reconfiguation of AIG's Board of Directors, with six new nominees proposed to join five incumbent director nominees, including CEO Edward M. Liddy. However, AIG also discloses that Mr. Liddy and the Board have "determined that coincident with the reconfiguration of the Board, the company should also initiate the necessary actions to install a more permanent leadership team and structure. Accordingly, he has informed the Board of his intention to resign from his positions with AIG, including his service as a director, once appropriate permanent replacements are appointed."
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AIG files preliminary proxy statement disclosing new director nominees and planned departure of CEO
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