American International Group Inc. discusses the arrival of Edward Liddy and the departure of Robert Willumstad in a report filed with the U.S. Securities and Exchange Commission.
The AIG board elected Liddy to be chairman, chief executive officer and a director Sept. 18, and Willumstad resigned from his posts as chairman and a director at the same time, AIG says in the filing.
Willumstad’s employment as CEO was terminated without cause, AIG says.
Willumstad began working for AIG earlier this year.
“Compensation arrangements for Mr. Liddy have not yet been determined and separation arrangements for Mr. Willumstad have not yet been finalized,” AIG says.