NEW YORK (Bloomberg)—Steve Miller became American International Group Inc.'s sixth chairman since 2005 when he was selected Thursday to replace Harvey Golub, who stepped down after a dispute with CEO Robert Benmosche.
Following is a timeline showing milestones in the tenures of New York-based AIG's chairmen since 2005:
March 28, 2005: AIG says Frank Zarb will become chairman, replacing Maurice R. Greenberg amid accounting probes by New York Attorney General Eliot Spitzer.
Feb. 9, 2006: AIG agrees under Martin Sullivan, who had replaced Mr. Greenberg as CEO, to pay $1.64 billion to resolve state and federal allegations that it misled investors and regulators.
Sept. 20, 2006: AIG names former Citigroup Inc. President Robert Willumstad as chairman.
May 14, 2008: Mr. Willumstad says directors support management, adding, “We think Martin's the right guy.”
June 15, 2008: Mr. Willumstad replaces Mr. Sullivan as CEO. The next day, Mr. Willumstad says “there will be no sacred cows” as he initiates a companywide review of AIG's operations.
Sept. 16, 2008: The U.S. agrees to loan AIG as much as $85 billion in exchange for a stake of almost 80% percent after credit downgrades force the insurer to post collateral to banks that purchased credit-default swaps from the company. The government ousts Mr. Willumstad.
Sept. 18, 2008: Edward Liddy, who ran Allstate Corp. from 1999 to 2006, is approved by AIG's board as the new chairman and CEO, AIG says in a statement. Mr. Liddy tells employees he intends to repay the two-year Federal Reserve loan early.
March 2, 2009: Mr. Liddy reports a record $61.7 billion fourth-quarter loss and secures an additional Treasury injection of as much as $29.8 billion, raising the total to $182.3 billion.
May 21, 2009: Mr. Liddy says there are “very strong internal candidates” to succeed him after he steps down. “Life provides you inflection points,” says Mr. Liddy. “The game plan that we have will take three-plus years to unfold. At 63, I don't want to be doing this when I'm 67.”
Aug. 3, 2009: AIG says Benmosche, the former chairman and CEO of MetLife Inc., will take over as CEO.
Aug. 6, 2009: AIG names Mr. Golub, the former American Express Co. CEO, as chairman.
Aug. 11, 2009: Mr. Golub will work with lawmakers, Mr. Benmosche tells employees, allowing him to focus on operations and deciding which units should be kept. Mr. Golub “is going to run interference for me in Washington,” Mr. Benmosche says.
Nov. 11, 2009: Mr. Benmosche tells employees he is “totally committed” to leading the insurer after the Wall Street Journal reported that he told the board he may step down because of government limits on what the company can pay his managers.
March 1, 2010: AIG announces a deal to sell AIA Group Ltd. to Prudential P.L.C. for about $35.5 billion after Mr. Benmosche decides against holding an IPO for the unit.
April 1, 2010: Mr. Benmosche expects to remain for another year or two, he tells Bloomberg.
June 1, 2010: Prudential deal collapses after the U.K.-based insurer asked for a lower price. Mr. Benmosche wanted to accept the reduced offer, and the board refused, opting to proceed with a public offering for the unit, according to people with knowledge of the situation.
June 25, 2010: Mr. Benmosche, 66, threatens to resign unless Mr. Golub leaves the firm, according to two people familiar with the situation.
July 14, 2010: Mr. Golub, 71, steps down, writing in his resignation letter that Mr. Benmosche believes their relationship is “ineffective and unsustainable.” Mr. Miller, 68, the former CEO of Delphi Corp. who joined AIG's board last year, is named chairman.
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