(Bloomberg) — American International Group Inc. named Douglas M. Steenland as the insurer's seventh chairman since 2005, replacing Steve Miller who oversaw the promotion of Peter Hancock to chief executive officer last year.
Steenland, the former CEO of Northwest Airlines Corp., will become chairman effective July 1, the New York-based insurer said Thursday in a statement. Miller, who joined the AIG board with Steenland in 2009, will remain a director and is limiting his role because of a guideline that a person shouldn't be AIG chairman for more than five years, the company said.
Steenland, 63, will work with Hancock as AIG works to generate capital for share buybacks and the repurchase of high-cost debt. The company, which repaid a $182.3 billion government bailout in 2012, is preparing for greater Federal Reserve oversight after being designated as systemically important financial institution by a U.S. panel.
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