American International Group, the world's largest insurer, has fired chief executive Martin Sullivan.
The firm has made record losses from the US sub-prime crisis, forcing it to writedown around $20bn in assets linked to mortgages. Robert Willumstad, a former Citigroup banker, has been appointed as the firm’s new chief executive. Other major Wall Street firms have also fired senior staff in recent months, including Merrill Lynch, Citigroup and Lehman Brothers, after they sustained major losses from the US sub-prime fallout. AIG’s share price has halved over the past year and Willumstad will be formulating a plan to revive the insurer’s fortunes. If you would like to comment on this stor...
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