AIG name Willumstad CEO

by Richard Kilner

Story link: AIG name Willumstad CEO

Yesterday American International Group (AIG) announced that Chairman Robert B. Willumstad had been appointed by the board of directors to the position of chief executive officer.

He is to succeed Martin J. Sullivan, who parts ways with both the firm and the board.

Sullivan successfully led AIG through a crisis three years ago, when he first assumed the role of CEO, according to George L. Miles, Jr. who chairs the nominating and corporate governance committee.

Miles went on to say that the board now believes Willumstad is the right man to take the reins to steer the firm through the present turbulent market.

He added that the firm thanked Sullivan for over three decades of service and commitment.

The board has also named Stephen F. Bollenbach as its lead independent director.