American International Group Inc. named Chairman Robert B. Willumstad to the additional position of CEO, effective immediately following the ousting of Martin J. Sullivan, a 37-year veteran of the company. This will be the third CEO for AIG in three years, as Sullivan took the reins once Maurice R. "Hank" Greenberg was asked to step down in 2005. Willumstad has been chairman of the board of AIG since November 2006. He previously was president and chief operating officer of Citigroup Inc. In addition to Willumstad's appointment, the board of directors named Stephen F. Bollenbach as its lead independent director. Bollenbach, who was named to AIG's board in January, is a former chief executive of Hilton Hotels Corp. and former chief financial officer of Walt Disney Co.
AIG recently named Richard H. Booth to the newly created position of senior vice president and chief administrative officer. Booth will have executive responsibility for AIG's Global Operations and Systems, Corporate Administration, Research and Development, Office of the Customer and the Strategic Relationship Group. Booth was elected an AIG vice president in January, having previously served as president and chief executive officer of HSB Group Inc. from 2000 to 2007.
The Travelers Companies Inc. promoted Chief Operating Officer Brian W. MacLean from executive vice president to president. As president and COO, MacLean continues his responsibilities for overseeing the company's business units.
Travelers also announced that Joan Kois Woodward is joining the company as executive vice president, public policy. Based in Washington, D.C., Woodward reports to Vice Chairman and Chief Legal Officer Alan D. Schnitzer. Woodward joins the company from Goldman, Sachs & Co., where she was the founding executive director of the company's Global Markets Institute. During her nine years at Goldman Sachs, Woodward also served as vice president and director of Washington Research for Goldman Sachs' Global Investment Research.
Gabriella Nawi joined Travelers as senior vice president, investor relations, effective July 7. Based in New York City, Nawi joins Travelers from Lazard Asset Management, where she began her career in 1990. She is currently serving as a managing director with responsibility for the U.S. property/casualty, life, reinsurance and brokerage sector.
(Read the rest of the People on the Move newsletter from June 25.)
June 25, 2008
Copyright 2008© LRP Publications