Edward Liddy, AIG's current Chairman and CEO, announced today that he will resign as both CEO and Chairman for the company. His goal is to step down when AIG's Board of Directors have found suitable replacements but no timetable has been set.
Mr. Liddy also recommended to AIG's Board of Directors that it should consider the position of CEO and Chairman separate and distinct. The Board agreed with his assessment and the search will begin immediately with expected participation by both the Board of Directors and the Trustees of the AIG Credit Facility Trust.
Mr. Liddy held both positions since September of 2008 when he was asked to come out of retirement and assist AIG during the company's financial crisis.
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By Brian R. Biggie