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AIG’s CEO Liddy to step down

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FT is reporting that AIG’s CEO is preparing to step down:

Eight months spent dealing with a hostile Congress, an impatient government shareholder and a stricken company for no pay proved quite enough for Edward Liddy.

The veteran executive’s decision to step down as chairman and chief executive of AIG as soon as the company can fill the two jobs throws a spotlight on the insurer’s turbulent existence since being saved from collapse in September.

It didn’t escape FT that Liddy had connections with Goldman Sachs, as noted earlier:

Mr Liddy – a well-connected former chief executive of the insurer Allstate and Goldman Sachs director – defused such attacks with his avuncular and understated style, but people close to him noticed he was becoming increasingly annoyed.

Liddy isn’t responsible for the state AIG found itself, but his controversial acts of defending “retention bonuses” while maintaining a US$3M stake in Goldman whilst serving as AIG’s CEO appears to be good reason to cheer his departure.

Written by defennder

May 22, 2009 at 8:49 AM

Posted in US

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