American International Group Inc., New York, N.Y. (NYSE: AIG), announced that, due to his appointment as chief executive officer of Freddie Mac, Donald Layton had submitted his resignation from the board of directors of AIG to be effective as of the commencement of AIG's 2012 Annual Meeting of Shareholders on May 16, 2012.
"We are thankful for Don's service to the AIG Board of Directors," said Robert S. Miller, AIG chairman of the board. "Don's appointment to lead the management team at Freddie Mac signifies an important public service to the country, and we wish him great success in his new role."
In light of Layton's unexpected resignation, the AIG board of directors currently expects to add a director. The board is considering Morris W. Offit who is retiring as a director of AIG at this year's annual meeting in accordance with the retirement guideline for AIG directors. However, Offit can serve an additional year as permitted by the retirement guideline.
In other industry news:
CBIZ Inc., Cleveland, Ohio (NYSE: CBZ), has acquired the assets of Primarily Care Inc., Cranston, R.I., effective May 1, 2012.
Founded in 1999 by Ed Belt, PrimarilyCare is an employee benefits brokerage firm that offers long-term health care cost reduction strategies that preserve employee benefits by providing a unique system comprised of technology, innovative plan design, educational tools and tangible financial health incentives. PrimarilyCare has 11 employees and is expected to add $1.8 million to CBIZ annualized revenue.
CBIZ Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax and consulting, internal audit, merger and acquisition advisory, and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. CBIZ also provides outsourced technology staffing and support services, real estate consulting services, healthcare consulting, and medical practice management.
Allianz Life Insurance Co. of North America, Minneapolis, Minn., named Mike Fischer as a new vice president within the legal department.
Fischer will be responsible for leading the legal department's oversight of business operations, product development, distribution and tax. With more than 30 years' experience in the insurance industry, Fischer replaces Gretchen Cepek, who was recently promoted to senior vice president and general counsel for Allianz Life.
Before joining Allianz Life, Fischer was an attorney in private practice with the Minneapolis-based law firm Halleland Habicht PA. Prior to that, he was chief counsel at ING Americas U.S. Legal Services with responsibility for legal staff located in Minneapolis, Denver, Atlanta, and Avon, CT. Fischer also was general counsel for various divisions at ReliaStar Life Insurance Company, and was associate counsel with Prudential Insurance Company of America.
