American International Group Inc. said that board director Donald Layton has submitted his resignation from the board, due to his appointment as chief executive officer of Freddie Mac. The resignation is effective next week when AIG commences its annual meeting of shareholders.
“Since joining the AIG board of directors in 2010, the management and employees of AIG have built on the business momentum and transformed this company,” said Layton. “I am confident in AIG’s future and take pride in the significant achievements made by AIG during my tenure on the board.”
AIG said that in light of Layton’s unexpected resignation, the company’s board of directors currently expects to add a new director. The company said the board is considering asking Morris Offit, a current board director who has been planning to retire at this year’s annual shareholder meeting, to stay on for an extra year.