(Archived Content)
TG-623
The U.S. Department of the Treasury today exercised its right to appoint two directors to the American International Group, Inc. (AIG) board of directors, naming Donald H. Layton and Ronald A. Rittenmeyer as directors. Treasury had the right to appoint these directors because AIG failed to pay dividends for four quarters on the AIG preferred stock held by Treasury.
These appointments underscore Treasury's commitment to effective stewardship of taxpayer dollars and interests. We are confident that these appointees will make significant contributions to AIG's strategy to de-lever, de-risk and pay back taxpayers, said Assistant Secretary for Financial Stability Herbert Allison.
Donald H. Layton most recently served as Chairman and Chief Executive Officer of E*Trade Financial Corporation from March 2008 until December 2009. Previously, in November 2007, he was named Chairman of the company's board. He retired from J.P. Morgan Chase & Co. in 2004 after 29 years, having most recently served as Vice Chairman and a member of its three-person Office of the Chairman, the top executive body of the company. He is also currently a member of the board of directors of Assured Guaranty Ltd.
Ronald A. Rittenmeyer is the former Chairman, President and Chief Executive Officer of Electronic Data Systems, a leading global technology services provider, which was sold to Hewlett-Packard in August of 2008. He served in various senior management positions with Electronic Data Systems from July 2005 to December 2008. Prior to that, he served as a Managing Director for the Cypress Group and a Plan Administrator for AFD Fund.
Treasury retained KornFerry, an executive search firm, to assist it in identifying potential directors.
###