(Bloomberg) -- American International Group Inc., the insurer being pressured by billionaire investor Carl Icahn to split up, agreed to nominate one of the activist’s allies to the board of directors along with hedge fund manager John Paulson.
The board will be expanded to 16 directors from 14, the New York-based insurer said Thursday in a statement. The second nominee is Samuel Merksamer, a managing director at Icahn Capital.
AIG Chief Executive Officer Peter Hancock and Chairman Doug Steenland are seeking to assuage Icahn, who faulted the insurer in October for failing to meet profitability targets and then pressured AIG to focus primarily on property-casualty coverage. Icahn has said the plan announced in January by the insurer to exit smaller assets, including the mortgage guaranty business and Advisor Network, is not enough of a drastic change.
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