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.
Liddy became president of Allstate in 1994 and chairman of the company in 1999.
He helped lead the 1995 spin-off of Allstate from Sears, Roebuck and Company, Chicago, and Allstate’s initial public offering.
Liddy has a bachelor’s degree from Catholic University of America and a master’s degree in business from George Washington University.
He is director of Goldman Sachs Group Inc., New York. He also is a member of the Northwestern University board.
Liddy contributed $2,300 to the presidential campaign of Sen. John McCain, R-Ariz., in March.