American International Group Inc. Chairman Robert “Steve” Miller intends to step down in July after five years in the role, theWall Street Journal reported.
The insurer’s directors have not yet decided on a replacement, but the next outside chairman is expected to be a current board member, the Journal said, citing a person familiar with the matter.
Miller, a turnaround specialist, joined AIG board in 2009 and became chairman in July 2010, replacing Harvey Golub who resigned after clashing with former chief executive Robert Benmosche over the botched sale of the insurer’s Asian life unit.
Miller joined at a time when the insurer was hit hard by the financial crisis and had to be bailed out by the government using taxpayer’s money. In 2012, AIG fully repaid the $182.3 billion bailout.
Benmosche, who stepped down as CEO due to cancer, died last month.
Miller served in a number of corporate restructuring situations, heading auto-parts maker Delphi Corp., Bethlehem Steel, Federal-Mogul Holdings Co. and Waste Management Inc.
AIG’s corporate governance guidelines state a non-executive chairman should not serve for more than five years, the Journal said. Miller will remain a board member.
AIG declined to comment.