AIG’s Liddy to depart; company to split chair, CEO
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American International Group Inc. announced Thursday that Edward M. Liddy was stepping down as chairman and chief executive of the troubled insurance giant but that he planned to remain until the company’s board of directors names his successor.
Liddy, 63, agreed to take the reins of the troubled insurance giant after the federal government bailed it out in September. He previously had retired as a chairman of Allstate and has served on the board of Goldman Sachs.
Liddy is the company’s fourth chief executive since 2005, and each of his three predecessors -- Maurice R. “Hank” Greenberg, Martin Sullivan and Robert Willumstad -- was forced out. “This is going to be nice, organized transition,” Liddy said Thursday. “We’re going to do it right.”
He has recommended that the company separate the position of chairman and chief executive into two jobs, saying that it makes sense from a corporate governance standpoint and as AIG spins off units into separate companies.
Since September, the government’s total commitment to the company has more than doubled, to an estimated $180 billion.
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