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November 22, 2008 10:36:23 CST

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Embattled AIG CEO Steps Down

Posted Jun 15, 08 3:43 PM CDT in Business 

(Newser) – Martin Sullivan has stepped down as AIG's CEO, and the company's board named chairman Maurice Willumstad his successor, insiders tell the Wall Street Journal. The insurance giant's stock has plummeted more than 50% since October due to subprime writedowns, and Sullivan is still embroiled in legal battles with his former boss. The new chief may start with a clean slate, but the state of American real estate remains daunting.

Source Wall Street Journal

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The headquarters of the American International Group Inc. is shown in this March 1, 2007 file photo in New York.   (Associated Press)
Martin Sullivan, president & CEO of AIG, at the New York Stock Exchange, in this June 23, 2005 file photo.   (Associated Press)
Christian Milton arrives at U.S. District Court in Hartford, Conn., Monday, Jan. 7, 2008. Milton, a former executive with AIG and four executives are charged with participating in a scheme to manipulate...   (Associated Press)
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Financial Crisis • subprime mortgages • subprime crisis • AIG • CEOs • CEO • insurance companies • insurance industry • American International Group • Martin Sullivan


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