(Bloomberg) -- Carl Icahn, the activist investor calling for a breakup of American International Group Inc., said the alternative plan presented last week by the insurer’s chief executive officer was inadequate and that he’s assembling a slate of directors to shake up the company.
Icahn plans to propose a list of possible board members by the end of next week, he said in a phone interview Monday, without identifying candidates. The activist’s firm issued a regulatory filing after the close of New York trading, saying that managing directors Samuel Merksamer and Courtney Mather “may serve on the boards of directors of entities in which Mr. Icahn and/or his affiliates have an interest.”
CEO Peter Hancock has rebuffed Icahn’s call to split AIG into separate insurers focusing on life, property-casualty and mortgage coverage. The CEO outlined plans last week for a more patient approach of simplifying the company, saying he’d have an initial public offering of a partial stake in the mortgage guaranty business, sell a broker-dealer operation and consider divestitures of other assets. Hancock said last week that “there are important tax and diversification reasons that would preclude major divestitures in the short term.”
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