American International Group (AIG) has replaced chief executive Martin Sullivan with its chairman, Robert Willumstad, who was formerly president and chief operating officer of Citigroup.

 

Sullivan had replaced Maurice Greenberg in March 2005 after the company was implicated in financial misdeeds by New York Attorney General Eliot Spitzer.

 

AIG reported a $7.81 billion loss for the first quarter, and AIG Mortgage Insurance subsidiary AIG United Guaranty lost $352 million in the first quarter.

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