American International Group, Inc. (NYSE: AIG) has announced that its Board of Directors has nominated three new director candidates for election at AIG’s 2019 Annual Meeting of Shareholders. The nominees, who will join ten current directors standing for re-election, are:
- Peter R. Porrino, former Executive Vice President and Chief Financial Officer of XL Group Ltd
- Amy L. Schioldager, former Senior Managing Director and Global Head of Beta Strategies at BlackRock, Inc.
- Therese M. Vaughan, former CEO of the National Association of Insurance Commissioners and the Robb B. Kelley Visiting Distinguished Professor and former Dean of the College of Business and Public Administration at Drake University
These nominations follow the January 2019 election of Thomas F. Motamed as a director. Mr. Motamed previously served as Chairman and CEO of CNA Financial Corporation and before that spent 31 years with The Chubb Corporation.
Douglas M. Steenland, Independent Chairman of the Board, said: “We are pleased to recommend these new director candidates for election at AIG’s 2019 Annual Meeting, as they each bring additional perspectives while also enhancing the Board’s insurance and investment expertise. Their nominations, along with the addition of Tom Motamed, are indicative of our continued focus on best positioning AIG to deliver long-term sustainable value for our shareholders.”
Current directors Theresa M. Stone and Ronald A. Rittenmeyer will not be standing for re-election at the 2019 Annual Meeting. Ms. Stone is retiring as she will have reached the general retirement age under AIG’s corporate governance guidelines, and Mr. Rittenmeyer has advised he will not stand for re-election given his other professional commitments.
Mr. Steenland added: “I want to thank our departing directors Terry and Ron for their service on the AIG Board. We are grateful for their many contributions.”
About the New Director Nominees
Peter R. Porrino was Executive Vice President and Chief Financial Officer of XL Group Ltd from 2011 to 2017 before serving as Senior Advisor to the Chief Executive Officer at XL Group until 2018. Prior to joining XL Group, Mr. Porrino was the Global Insurance Industry Leader at Ernst & Young LLP from 1999 through 2011, where he was responsible for Ernst & Young’s Americas and Global insurance industry practices and served as the lead partner on Ernst & Young’s largest insurance account until his departure. Before Ernst & Young, Mr. Porrino served as President and Chief Executive Officer of Consolidated International Group and as Chief Financial Officer and Chief Operating Officer of Zurich Re Centre, a subsidiary of Zurich Insurance Group focused on property and casualty reinsurance.
Amy L. Schioldager was previously Senior Managing Director and Global Head of Beta Strategies at BlackRock, Inc. from 2006 to 2017, where she was responsible for managing the Index Equity business across seven global offices. During her more than 25 years at BlackRock, Ms. Schioldager held various other leadership positions and also served as a member of the Global Executive Committee from 2012 to 2017 and Vice Chair of the Corporate Governance committee from 2008 to 2015. She also founded and led BlackRock’s Women’s Initiative.
Therese M. Vaughan has been the Robb B. Kelley Visiting Distinguished Professor of Insurance and Actuarial Science at Drake University since 2017 after serving as the Dean of the College of Business and Public Administration since 2014. From 2009 to 2012, she was the Chief Executive Officer of the National Association of Insurance Commissioners (NAIC), where she also served as a member of the Executive Committee of the International Association of Insurance Supervisors and the steering committee for the U.S./E.U. Insurance Dialogue Project. In 2012, she chaired the Joint Forum, a Basel, Switzerland-based group of banking, insurance, and securities supervisors. Additionally, Ms. Vaughan was the first female Insurance Commissioner for the State of Iowa, a role which she held for over ten years.