NEW YORK (AFX) -- American International Group Inc. late Thursday named former Securities and Exchange Commission chief accountant Michael Sutton to its board.
Sutton served as chief accountant of the regulatory agency from 1995 to 1998. He will serve on AIG's audit committee.
The insurance giant and Dow component made the moves in the midst of a multi-faceted showdown with former CEO Maurice "Hank" Greenberg.
Investigations into AIG's accounting this year precipitated the departure of the longtime chairman and former Wall Street darling, and forced the company to restate more than five years of results.
The company's high-profile board of directors, which includes former U.S. Secretary of Defense William Cohen, and Richard Holbrooke, who used to be America's ambassador at the United Nations, has been criticized for not doing enough to prevent the problems.
In a recent development amid the flurry of legal action around AIG, the company is engaged in a dispute over $20 billion in stock held by Star International Company Inc., a private firm headed by Greenberg.
Shares of AIG fell 68 cents to $62.80 on Thursday.
This story was supplied by MarketWatch. For further information see www.marketwatch.com.
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Sutton served as chief accountant of the regulatory agency from 1995 to 1998. He will serve on AIG's audit committee.
The insurance giant and Dow component made the moves in the midst of a multi-faceted showdown with former CEO Maurice "Hank" Greenberg.
Investigations into AIG's accounting this year precipitated the departure of the longtime chairman and former Wall Street darling, and forced the company to restate more than five years of results.
The company's high-profile board of directors, which includes former U.S. Secretary of Defense William Cohen, and Richard Holbrooke, who used to be America's ambassador at the United Nations, has been criticized for not doing enough to prevent the problems.
In a recent development amid the flurry of legal action around AIG, the company is engaged in a dispute over $20 billion in stock held by Star International Company Inc., a private firm headed by Greenberg.
Shares of AIG fell 68 cents to $62.80 on Thursday.
This story was supplied by MarketWatch. For further information see www.marketwatch.com.
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
