AIG Revamp Lists No Heir For CEO
By Daniel Hays
NU Online News Service, May 1, 12:42 p.m. EST?Two months ago, when asked about a successor, American International Group Chairman Maurice Greenberg responded, "What's the rush?"
Today, his company announced a reorganization of its management structure, along with promotions, but no immediate heir to his post.
The 76-year-old Mr. Greenberg, in an announcement, proclaimed that the new management structure would ensure that AIG has an organization to carry out "strategies and business plans for the future. Each of the [11] executives named in today's announcement has a proven track record as a top professional and will be an important contributor to the company's future success."
Mr. Greenberg said he was "very pleased" that Frank Zarb, former chairman of the NASDAQ Stock Market, had taken a non-executive post as chairman of the board's executive committee.
The company said the board had elected Martin J. Sullivan and Edmund S.W. Tse as co-chief operating officers.
Mr. Sullivan was AIG executive vice president, foreign general insurance and Mr. Tse, AIG senior vice chairman, life insurance.
Howard I. Smith was given the new titles vice chairman and chief administrative officer and kept his old title of chief financial officer. He was formerly executive vice president and comptroller as well.
Named to the Office of the Chairman besides Mr. Greenberg were: Mr. Sullivan; Mr. Tse; Mr. Smith; Donald P. Kanak; Kristian P. Moor, and Win J. Neuger. The last three are now executive vice presidents.
Three others named executive vice president were: Jay S. Wintrob, John A. Graf and Rodney O. Martin Jr.
Richard Scott was named senior vice president.
Joe Norton, a representative for AIG, said Mr. Greenberg would be 77 on Saturday, and that with the exception of Mr. Zarb, who is 67, all of those named are under 65. Asked if the reorganization was a succession plan, he would say only, "it is what it is." He could not say if the new titles involved pay raises.
AIG shares on the New York Stock Exchange initially gained ground after the announcement, but by noontime had sunk 12 cents to sell at $69 a share.
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