AIG chief Edward Liddy is stepping down after eight months on the job, the Wall Street Journal reports. The government appointed Liddy chairman and CEO last fall after the feds bailed out the insurance giant. Liddy recommended splitting the job into two roles and will remain until his replacements are chosen. AIG's problems occurred well before Liddy's watch, but he took plenty of heat over AIG bonuses this year.
Liddy has set up a plan to sell AIG's operating units to pay back the $180 billion it owes the government, but he acknowledged it's been slow going. “It is likely to take several years,” he said. “AIG. should have a leadership team committed to a similar time horizon and prepared to carry the plan to completion.”