Current CEO Edward Liddy is not a bad person. He left a comfortable retirement to come in and work for $1 per year to try and help a troubled organization. AIG is an ugly organization that previously allowed some very dangerous business practices which was no fault of Liddy. Liddy has pushed back against public fury over the excessive bonuses and that is where he started to lose support. Whether he really believed they deserved that money or whether he was trying to get the story out there for public debate is a question that I've had but either way, this was a losing battle. The latest report on AIG the company is that they could likely require an additional bailout. Liddy had to know that would not be well received. What real change is even possible for the new CEO?
American International Group Chairman and Chief Executive Officer Edward M. Liddy plans to step down from the troubled insurance giant, now largely owned by the US government, after less than nine months on the job.
Liddy told the board that he will step down once it finds a replacement. He recommended to the board that the roles of chairman and CEO be separated.
