AIG CEO Liddy To Step Down

AIG CEO Edward Liddy will be stepping down from the troubled insurance behemoth—once a replacement can be found, natch. Liddy, whose salary was $1, became CEO last September "within hours" of the firm's bailout; CNBC explains his "mandate [was] to sell off assets to generate funds to repay taxpayers." Liddy, who weathered criticism when hundreds of millions were handed out in bonuses, is the fifth person to run the company since 2005. An analyst told Bloomberg News, "It really is a terrible job, I’m not sure who would really want it. There is so much political baggage that whoever takes over the company is going to find it an extremely difficult and thankless job." In other news, Richard Fuld announced his resignation from Lehman Brothers last night, "I believe that we have worked together effectively in achieving an appropriate transition."

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By Jen Chung in News on May 21, 2009 6:36 PM

Comments [rss]

r1b2

Don't let the door hit you on the way out.

Stewart

Wow, you guys are clueless. This man is a patriot who came out of retirement to help during the crisis. He wasn't part of the problem. They have successfully unwound billions of dollars of derivatives contracts with minimal losses. Congress and the Fed knew the bonuses would be paid out weeks if not months ahead of time but still decided to grandstand and treat this man like garbage when he was forced to testify in DC. Good for him. I hope he enjoys his retirement.

tkchunc

Agreed Stewart. People who think "there's tons of talented people looking for work" are idiots. This is not a job for someone 'looking for work'.

colonelcasey

Can we have Mike Rowe do his job for a day or two?

Snoopy

"It really is a terrible job, I’m not sure who would really want it." Of course it's a terrible job because one can't go in and rape and pillage the company without being under the microscope.

I'm sure there are recent college graduates that can do a good job of cleaning up the organization without a pay check just so they have a good reference on their resume.