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.

Mr. Liddy joined the private equity firm of Clayton, Dubilier & Rice Inc. this year after serving as chairman of Allstate Corporation since January 2007.

Before that, Mr. Liddy was Allstate's chairman and CEO from 1999 until 2006 and president and chief operating officer from 1994 until 1998.

He also led the initial public offering and 1995 spin-off of Allstate from Sears, Roebuck and Co. At Sears, Mr. Liddy served as senior vice president and chief operating officer and as senior vice president-operating.

Prior to that, Mr. Liddy was chief financial officer of G. D. Searle & Co.

Special Reports /

Liddy Named AIG Chair, CEO

Related Stories

Recommended For You