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AIG’s Liddy steps down after bailout
EDWARD Liddy, the chief executive and chairman of AIG, is to step down from the insurer as soon as a replacement is found, it emerged last night.
Liddy, who earlier this year called on AIG staff to give back at least half of their bonuses, said the company’s return to financial health would “take several years”.
He added that the firm “should have a leadership team committed to a similar time horizon and prepared to carry the plan to completion”.
Liddy was parachuted in to run AIG by the Federal Reserve in September last year, after it was bailed out by the US government in a rescue package that cost more than $150bn (£94.7bn)
Liddy also recommended that the chairman and chief executive roles be split in future.