AIG boss bows to pressure and quits
AIG CEO Martin Sullivan has stepped down from the embattled American insurer.
Reports from New York this morning said Mr Sullivan – who took over in 2006 after Maurice Greenberg was forced to resign over an accounting scandal – quit over criticism of the group’s financial performance. Ironically, much of that criticism has come from Mr Greenberg, who is now the CEO of major AIG shareholder CV Starr.
The company lost $US7.8 billion ($8.3 billion) in the first quarter of this year.
AIG Chairman Robert Willumstad has replaced Mr Sullivan as CEO.
Reports from New York this morning said Mr Sullivan – who took over in 2006 after Maurice Greenberg was forced to resign over an accounting scandal – quit over criticism of the group’s financial performance. Ironically, much of that criticism has come from Mr Greenberg, who is now the CEO of major AIG shareholder CV Starr.
The company lost $US7.8 billion ($8.3 billion) in the first quarter of this year.
AIG Chairman Robert Willumstad has replaced Mr Sullivan as CEO.