WSJ: AIG Plans To Name Mark Tucker As CEO And Chairman Of AIA Unit - Sources

18th Jul 2010 18:11

By Serena Ng Of THE WALL STREET JOURNAL American International Group Inc. (AIG) is planning to name Mark Tucker, a former chief executive of Prudential PLC, as the new head of its overseas life insurance unit AIA Group Ltd., as it moves toward an initial public offering for AIA this fall, according to people familiar with the matter. AIG is aiming to raise as much as $23 billion cash from share sales of AIA to strategic investors and to the public in a Hong Kong offering by late October or early November, the people said. The cash will go to the Federal Reserve Bank of New York, which holds a stake in AIA and has been AIG's top creditor since a federal bailout of the insurance giant in 2008. (This story and related background material will be available on The Wall Street Journal Web site, WSJ.com.) (END) Dow Jones Newswires July 18, 2010 13:11 ET (17:11 GMT)