Ex-Allstate chief to take helm of AIG
AIG’s chief executive Robert Willumstad has been ousted from the helm of the just-rescued carrier.
AIG’s chief executive Robert Willumstad has been ousted from the helm of the just-rescued carrier.
In his place, Edward Liddy, former CEO of Allstate Corp., will run the company.
Mr. Willumstad, who had only been at the post for three months, left the company as a result of the U.S. government’s $85 billion rescue of American International Group Inc. of New York.
The Fed’s late-night rescue of the insurer now places 80% of AIG under the government’s ownership. In providing the emergency facility to AIG in the form of a 24-month term loan, the Federal Reserve expects the carrier to pay off the loan by selling off its assets.
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