News Update: American International Group, Inc. Appoints New Board Chairman

Following Wednesday's resignation of American International Group, Inc's (NYSE:AIG) chairman Harvey Golub after a dispute with chief executive Robert Benmosche, Robert Miller has taken over as chairman of the holding company's board.

"Bob Benmosche has informed the board that he believes our working relationship as chairman and CEO to be ineffective and unsustainable," Golub wrote in his resignation letter. "At this point, I view asking the board to choose between us would be an abdication of my responsibility to lead. ... Consequently I'm resigning for the simple reason I believe it is easier to replace a chairman than a CEO."

68-year-old new chairman Miller reportedly has experience reorganizing troubled companies, and previously ran Delphi Corp., Federal-Mogul Corp. (NASDAQ:FDML), Bethlehem Steel and Waste Management, Inc. (NYSE:WM).

AIG has reported $91.1 billion in sales over the past 12 months and is expected to report $86.6 billion in sales in the next fiscal year

Shares of the company were down 2.3% on the news earlier Thursday at $36.66, and continue to trade down 2.53% at $36.58.

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