AIG says Offit won't seek new term on its board

NEW YORK (AP) -- Insurer AIG said Thursday that Morris Offit will not run for another term on the board of directors, and the company named two candidates who will run to replace him.

Offit was a member of AIG's board from 2005 to 2012, and did not seek a new term at the company's last annual meeting. However he rejoined the board in July after Donald Layton stepped down to become CEO of mortgage giant Freddie Mac.

American International Group Inc. said William Jurgensen and Theresa Stone will stand for election to replace Offit at its shareholder meeting. Jurgensen, 61, is a former CEO and director of Nationwide Mutual Insurance and Nationwide Financial Services, and Stone, 68, was the treasurer of Massachusetts Institute of Technology from February 2007 to October 2011.

Offit was 76 at the time of the company's 2012 end-of-year filing.

AIG's 11 other directors will seek new terms. The company's annual meeting is scheduled for May 15.