New York — American International Group Inc. (AIG) announced that its board of directors has named Chairman Robert Willumstad to the additional position of CEO, succeeding Martin Sullivan, who is leaving AIG and its board of directors. The board also named Stephen Bollenbach as its lead independent director.

George Miles Jr., chairman of the nominating and corporate governance committee of the board of directors, says, “Martin successfully led AIG through the crisis it faced when he became CEO in 2005, and he has made significant contributions over the past three years in executing AIG’s strategy and building on its global franchise. The board has determined that Bob’s broad managerial and financial services experience makes him the right person to lead AIG through today’s turbulent markets, drive further organizational change and rebuild shareholder value in the years ahead.”

“AIG is fortunate to have a world-class financial services executive on its board who can immediately step into the CEO role and successfully lead AIG at this critical juncture," says Bollenbach. "The board has great confidence in Bob Willumstad’s leadership and his ability to restore AIG to its historic levels of performance.”

“I am honored by the opportunity to lead AIG at this important time," Willumstad says. "Although conditions in the credit markets continue to create significant challenges in several areas of the business, AIG has great people throughout the organization and an unrivaled global franchise with tremendous long-term growth potential. In the coming months, we will conduct a thorough strategic and operational review of AIG’s businesses and their performance. The board and I recognize that results over the past two quarters have been unacceptable, but we are confident in AIG’s future. We are determined to get the organization back on track as quickly as possible and ensure it is well positioned for future success.”

Willumstad has been chairman of the board of AIG since November 2006. He is the co-founder of Brysam Global Partners, a New York-based private equity investment firm focused on emerging markets financial services investments. He resigned in 2005 as president and COO of Citigroup Inc., where he was responsible for all of the company’s businesses and also served as a board member.

Source: AIG

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