FINSwire Mar 11 2011

AIG to Nominate Two More Directors for Board

By julie steinberg

AIG will nominate two more directors for its board, people familiar with the matter told The Wall Street Journal. The insurer is expected to announce the nominees early next week.

John H. Fitzpatrick and W. Don Cornwell will stand for election at the annual shareholders meeting in May, said the people. They were chosen by AIG's board after a long search and have met with the Treasury. There are currently 12 members on the board, but no one will step down to give their spots to the two nominees.

Fitzpatrick, 54, is chairman of Oak Family Advisors, a Chicago-based investment advisory firm that caters to wealthy clientele. He was a founding partner of Pension Insurance Corpo. Holdings and has also served as chief financial officer at Swiss Re Group. He is a director of Validus Holdings Ltd., a Bermuda-based insurer.

Cornwell, 63, was chairman and chief executive of Granite Broadcasting Corp., a broadcasting holding company, for more than 20 years before he retired in 2009. He has also worked in the investment banking division and corporate finance department at Goldman Sachs. He currently runs Pfizer's board audit committee.

The firm had been looking for one candidate with years of insurance industry experience as well another candidate with financial expertise.

AIG could not immediately be reached for comment.

Write to Julie Steinberg

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