A.I.G. Chief, Brought In During Bailout, Plans to Leave

[steven johnson]

Source: New York Times

The American International Group said that Edward M. Liddy was stepping down as chairman and chief executive of the troubled insurance conglomerate.
Mr. Liddy, who was brought in last fall to lead A.I.G. through a major restructuring after it was bailed out by the Federal Reserve, intends to stay on until the company picks his successor, A.I.G. said. Representatives of the Fed will participate in the search. The company has received more $180 billion in bailout assistance from the federal government.
Mr. Liddy has recommended that the company separate the position of chairman and chief executive into two separate posts, something often recommended by corporate governance specialists.


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