The AIG board today formally named Edward Liddy, former chairman and chief executive officer of Allstate Insurance Company, as its new chairman and CEO.
Mr. Liddy's appointment to succeed Robert Willumstad was made as part of the changes the Federal Reserve Board ordered in its decision to loan AIG up to $85 billion for up to two years to resolve a liquidity crisis. The decision was approved by the New York Insurance Department.
According to the AIG board, Stephen Bollenbach, who was named lead independent director in June 2008, continues in that role.
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