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With Shares Battered, A.I.G. Ousts Leader [View All]

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pinto Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-15-08 05:54 PM
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With Shares Battered, A.I.G. Ousts Leader
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Source: New York Times

With Shares Battered, A.I.G. Ousts Leader

Published: June 16, 2008

For the second time in three years, the board at American International Group, the giant insurance company, has responded to its falling stock price and to regulatory concerns about its accounting by replacing its chief executive.

Martin J. Sullivan, who was named chief executive in 2005 after an accounting scandal claimed his predecessor, was removed by the board at a closed-door meeting on Sunday, according to a person briefed on the boards deliberations.

Robert B. Willumstad, chairman of the companys board and a former top executive at Citigroup, was named as Mr. Sullivans successor, this person said.

The board also named Stephen F. Bollenbach, a member of the A.I.G. board and a former chief executive of Hilton Hotels, as the boards lead director, this person said.

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