Head of AIG’s aicraft leasing division, Udvar-Hazy, retiring from post as CEO

Head of AIG’s aircraft leasing unit steps down

NEW YORK — American International Group Inc. has announced that Steven Udvar-Hazy will step down as CEO and director of the insurer’s aircraft leasing unit.

Effective Friday, Udvar-Hazy will retire as head of International Lease Finance Corp. as AIG figures out what to do with the unit. There has been speculation Udvar-Hazy could lead a group of investors in buying the unit from AIG.

ILFC President John Plueger will serve as acting CEO.

AIG was one of the hardest hit financial firms during the credit crisis. It received an aid package worth more than $180 billion from the government. The insurer, based in New York, has been selling assets and streamlining operations to repay the government.

ILFC has been one of AIG’s most valuable divisions.

AIG shares lost 74 cents, or 3.3 percent, to $21.85 in early afternoon trading.