(Bloomberg) – Billionaire John Paulson is planning to step down from American International Group Inc.'s board after his hedge fund sold shares in the insurer, according to a person familiar with the plan.
The move is expected to be announced in the insurer's proxy filing within days, said the person, who asked not to be identified discussing disclosures that haven't been made public.
|Advocate for shrinking AIG
Paulson's planned exit will remove one of the board's more prominent advocates for shrinking the company. Directors are seeking a replacement for Chief Executive Officer Peter Hancock, and potential successors will want to know whether the job will involve breaking up the insurer, a more limited plan for asset sales or even a focus on growth. Paulson had proposed splitting AIG into three separate companies, a plan that won support from billionaire Carl Icahn. AIG Chairman Doug Steenland wrote in a letter to shareholders last week that it would be a mistake to divide the insurer into separate companies.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
