Two executives of American International Group Inc....
Two executives of American International Group Inc. have been appointed to the board of directors of 20th Century Industries.
AIG last month concluded a transaction to infuse $216 million in capital into 20th Century, the Woodland Hills insurer that was near the brink of insolvency due to an estimated $900 million in earthquake-related damage claims. Under the deal, New York-based AIG received convertible and preferred stock and warrants, and could eventually invest more than $400 million in 20th Century and own more than a 40% stake.
The agreement also called for AIG to name two directors to 20th Century’s board. They are Robert M. Sandler, 52, an AIG senior vice president and chairman of the company’s overseas property-casualty operation, and Howard I. Smith, 50, senior vice president and comptroller.
* Stevan M. Saylor has joined Western Security Bank in Toluca Lake as vice president of sales and marketing.
Previously, Saylor was corporate senior vice president of deposit administration at Metrobank.
* Tyrone J. Fairbanks was named chief executive officer of Fortune Petroleum Corp. He remains president and chief financial officer. Previously, Fairbanks was president and chief executive officer of Fairbanks & Haas Inc. He succeeds Charles Champion, who remains chairman of the board.
Fortune Petroleum is a Agoura Hills-based oil and gas exploration company.
* PIP Printing, the Agoura Hills franchise chain of retail copy centers, has named Peter Gaughn as its president and chief executive.
Gaughn, 39, who for the past five years was president of Business Cards Tomorrow in Fort Lauderdale, Fla., starts in his new post at PIP on Jan. 30. In the 1980s he worked in PIP’s operations department.
Gaughn replaces Ken Lessall, who resigned in July for personal reasons.