The American International Group Inc. board has named Edward Liddy, the former chairman of Allstate Corp., to be AIG’s new chairman and chief executive officer.
The board of AIG, New York, elected Liddy to succeed Robert Willumstad in response to a list of changes the Federal Reserve Board ordered in connection with its decision to provide a 2-year, $85 billion credit line for AIG.
The executive change was approved by the New York State Insurance Department.
Stephen Bollenbach, who was named lead independent director in June, continues in that role, the AIG board says.
Liddy joined the private equity firm of Clayton, Dubilier & Rice Inc., New York, this year, after leaving Allstate.