American International Group, the US insurance giant whose stock price has tumbled amid record losses and regulatory probes, has replaced chief executive Martin Sullivan with Robert Willumstad.
The 62-year-old Willumstad has been AIG's board chairman since November 2006 and last year co-founded Brysam Global Partners, a New York-based private equity firm focussed on financial services in emerging markets. It is unclear if Willumstad will maintain his managing partner role at Brysam given AIG's various alternative investment divisions.
Formerly president and chief operating officer of Citi, Willumstad co-founded Brysam with Marjorie Magner, the former chairman and CEO of Citi's Global Consumer Group, a role Willumstad had also held previously.
Brysam did its debut deal in Mexico last year, investing $230 million in Mexican bank Ixe.
Sullivan had succeeded Maurice “Hank” Greenberg, who was ousted in 2005 following allegations of fraud by former New York State Attorney General Eliot Spitzer.