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
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)
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