Now that Ed Liddy has decided to quit his thankless jobs as chair and CEO at American International Group, the big question is, who in their right minds would want to sit in the hot seats he is vacating?
Yes, I use the plural here, because Mr. Liddy suggested (and the AIG board wisely agreed) to split his two posts–a move I have urged ever since Maurice Greenberg resigned both positions in the wake of an accounting scandal involving bogus financial reinsurance deals.
AIG–and every U.S. company–should have a board chair separate from the CEO who runs day-to-day operations to assure internal oversight and accountability. It's about time AIG got the message.
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