Reuters (UK) (06/16/08); Zuill, Lilla
American International Group Inc. (AIG) has replaced CEO Martin Sullivan after the company posted two consecutive quarters of record losses, stemming from more than $20 billion in writedowns on the market value of assets linked to subprime mortgages. AIG Chairman Robert Willumstad has been tapped to succeed Sullivan, effective immediately. Willumstad now will be tasked not only with boosting the insurer's ailing share price but with giving investors a better understanding of how much the company could lose after the subprime-related writedowns. Failure on both fronts prompted Sullivan's dismissal.
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