April 4 American International Group Inc said Morris Offit, chairman of Offit Capital, would step down from its board next month and the insurer would recommend two new directors.
The company also said it has put in place a new executive compensation structure for 2013 free of the restrictions imposed by the Federal Government's Troubled Asset Relief Program (TARP) program.
The new nominees who will stand for election at AIG's annual shareholders meeting on May 15 are William Jurgensen, former CEO of Nationwide Insurance, and Theresa Stone, former treasurer of the Massachusetts Institute of Technology. The current directors, except Offit, will also be nominated.
Offit had served as an AIG Director from 2005 until his retirement in 2012.
He, however, rejoined the board in July following the resignations of Donald Layton, who was appointed as CEO of Federal Home Loan Mortgage Corp (Freddie Mac), and Laurette Koellner, who was named the executive chairman of International Lease Finance Corp, a unit of AIG.
In a separate regulatory filing, AIG said Chief Executive Robert Benmosche's salary fell to $10.6 million in 2012 from $14 million in 2011.
AIG shares closed at $37.69 on Thursday on the New York Stock Exchange.