American International Group, Inc. (AIG) announced Tuesday it named Arthur Levitt as special adviser to its Board of Directors and the Board’s Nominating and Corporate Governance Committee.
Levitt was chairman of the U.S. Securities and Exchange Commission from 1993 to 2001 during the huge accounting scandals of WorldCom and Enron.
Levitt, 74, will now step in to help AIG as they grapple with loss of investor confidence after New York Attorney General Eliot Spitzer and the SEC sued AIG for accounting fraud in May.
Levitt’s will advise potential nominees for election to the board and provide advice for board procedures, structure and governance issues.
Levitt was the longest serving chairman in the history of the SEC, and during his tenure, worked to educate, empower and protect America’s investors. Prior to his chairmanship, he was chairman of the New York City Economic Development Corporation, and before that, was the chairman of the American Stock Exchange.
Martin J. Sullivan, AIG President and Chief Executive Officer, said “AIG is implementing several significant initiatives to ensure that we have best practices in corporate governance. To further this important objective, AIG’s Board and management will be working closely with Mr. Levitt, who brings a wealth of experience and knowledge to this role.”