NEW YORK, March 29 (UPI) -- AIG Chairman Maurice Greenberg will reportedly step down soon as the investigation into the New York-based insurance giant widens.
A statement from the American International Group said Greenberg, who is traveling overseas, is expected to formally retire later this week, the Washington Post reported Tuesday.
Frank G. Zarb, lead director at AIG and former chairman of the National Association of Securities Dealers, will assume the duties of chairman, the company statement said.
Greenberg, 79, already has resigned as chief executive. The company is the target of multiple investigations by several U.S. agencies and the New York attorney general's office.
Those include Greenberg's role in a 2000 transaction that allegedly helped burnish the company's finances.
Pressure on Greenberg, who has led the company for more than 35 years, heightened as a scheduled April 12 interview with investigators drew near, the Post said.
Legal experts questioned whether Greenberg would speak freely or decline to talk because he might incriminate himself, the report said.