American International Group Inc. announced Thursday that Edward M. Liddy, its chairman and chief executive officer, will step down when the board of directors finds a successor.
Liddy recommended that the New York company hire separate executives for the two positions. The search will be conducted by both the reconstituted board and the trustees of the AIG Credit Facility Trust.
Earlier this week, the company announced the nomination of six new directors to stand for election at its annual shareholder meeting on June 30. This means the majority of its members will be newly elected independent directors.