AIG shareholders, a.k.a. U.S. taxpayers, ousted the majority of the company's leadership at AIG's annual shareholders meeting Tuesday, removing the overseers of one of the biggest corporate unravelings in American history.
Just three of the 11 directors that oversaw the company's downward spiral in September remained on AIG's board. Two directors who were placed on the board after the company came undone, including Chief Executive and Chairman Edward Liddy, also stayed in place.
AIG's three trustees, who represent the government's near-80% controlling interest in the company, elected the new directors on behalf of the taxpayers.
The six directors who did not stand for re-election were not in attendance at the annual meeting.
The company's longer-term shareholders stood before Liddy and a small group of about 150 other shareholders, voicing loud objections to the old board. Many tied irresponsible management by AIG's board to the near-catastrophic losses of shareholders' stakes in the company.
"I notice none of the [outgoing] directors are here today," said one shareholder, Kenneth Steiner. "They left like rats leaving a sinking ship. Well, goodbye and good riddance."
AIG's new leadership will oversee AIG's repayment of more than $80 billion in debt owed to taxpayers as well as the company's roadmap to recovery, nicknamed "Project Destiny."
The new board includes former executives from American Express (AXP, Fortune 500), Boeing (BA, Fortune 500), KPMG, Delphi, Sears (SHLD, Fortune 500) and Northwest Airlines (DAL, Fortune 500). Liddy called them all "extremely talented," and suggested they they were well suited to help oversee the company's transition over the next several years.
Liddy, who announced last month that he would relinquish his two positions, said that he expects the new board will find a replacements "soon." The CEO and chairman positions are expected to be split.
Just three of the 11 directors that oversaw the company's downward spiral in September remained on AIG's board. Two directors who were placed on the board after the company came undone, including Chief Executive and Chairman Edward Liddy, also stayed in place.
AIG's three trustees, who represent the government's near-80% controlling interest in the company, elected the new directors on behalf of the taxpayers.
The six directors who did not stand for re-election were not in attendance at the annual meeting.
The company's longer-term shareholders stood before Liddy and a small group of about 150 other shareholders, voicing loud objections to the old board. Many tied irresponsible management by AIG's board to the near-catastrophic losses of shareholders' stakes in the company.
"I notice none of the [outgoing] directors are here today," said one shareholder, Kenneth Steiner. "They left like rats leaving a sinking ship. Well, goodbye and good riddance."
AIG's new leadership will oversee AIG's repayment of more than $80 billion in debt owed to taxpayers as well as the company's roadmap to recovery, nicknamed "Project Destiny."
The new board includes former executives from American Express (AXP, Fortune 500), Boeing (BA, Fortune 500), KPMG, Delphi, Sears (SHLD, Fortune 500) and Northwest Airlines (DAL, Fortune 500). Liddy called them all "extremely talented," and suggested they they were well suited to help oversee the company's transition over the next several years.
Liddy, who announced last month that he would relinquish his two positions, said that he expects the new board will find a replacements "soon." The CEO and chairman positions are expected to be split.
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