American International Group Inc. announced Sunday that its board of directors has named its chairman, Robert B. Willumstad, to the additional position of chief executive officer, succeeding Martin J. Sullivan, who is leaving AIG and its board.

“Martin [Sullivan] successfully led AIG through the crisis it faced when he became CEO in 2005, and he has made significant contributions over the past three years in executing AIG's strategy and building on its global franchise,” said George L. Miles Jr., chairman of the board's Nominating and Corporate Governance Committee, in a statement.

“The board has determined that [Mr. Willumstad's] broad managerial and financial services experience makes him the right person to lead AIG through today's turbulent markets, drive further organizational change and rebuild shareholder value in the years ahead,” Mr. Miles added.

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