ÌìÃÀÍøÕ¾´«Ã½´«Ã½

Activist investor Carl Icahn said he may propose adding a new director to American International Group’s board, since ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Chief Executive Peter Hancock was unlikely to “sincerely consider” his suggestion to split the company into three.

Icahn disclosed on Monday that he owned 42 million shares in ÌìÃÀÍøÕ¾´«Ã½´«Ã½ as of Oct. 28, which would make him the insurer’s fifth largest shareholder, according to Thomson Reuters data.

Based on shares outstanding as of Oct. 28, Icahn holds about 3.4 percent of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s shares outstanding.

The new director would agree in advance to succeed Hancock as CEO if asked to do so by the board, Icahn said in a statement, adding that he would reach out to shareholders by starting a “consent solicitation” soon.

Activist investors have used consent solicitations in recent years to push for board seats and corporate changes.

The billionaire, with the support of hedge fund manager John Paulson, recommended last month that ÌìÃÀÍøÕ¾´«Ã½´«Ã½ break itself apart. The move would return more cash to shareholders, Icahn said, and would help ÌìÃÀÍøÕ¾´«Ã½´«Ã½ rid itself of a regulatory burden.

Tensions have since mounted between Icahn and Hancock, who said this month that a breakup of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ did not “make financial sense.”

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ said on Monday it was still in “active dialog” with shareholders including Icahn.

The company also said it planned to speed up the streamlining of its operations and that it would update shareholders on progress before reporting fourth-quarter results.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ shares were up 0.7 percent at $62.63 in mid-morning trading.

Topics ÌìÃÀÍøÕ¾´«Ã½´«Ã½