Carl Icahn says AIG CEO unwilling to break up company
NEW YORK (AP) — Activist investor Carl Icahn is putting more pressure on American International Group Inc. to break itself up.
Icahn says on his website that after speaking with AIG CEO Peter Hancock several times, Hancock remains unwilling to break the insurer up. Icahn says he will reach out to shareholders directly and may propose adding a new director who would agree to succeed Hancock as CEO if asked by the board to do so.
AIG representatives did not immediately comment Monday morning.
Last month, Icahn called AIG "too big to succeed" and urged it to split up into three separate, publicly-traded companies to boost shareholder value.
Icahn says he owns 42 million shares of AIG, which would give him a more than 3 percent stake in the New York company.