As soon as replacements are found for the chair and CEO positions, which are being separated. Any takers?
Dear Colleagues,
I wanted to let you know that I have informed the Board of Directors of my intention to
step down from my roles as Chairman and Chief Executive Officer once the Board
successfully concludes a search for replacements for these roles.
While much work remains to be done at AIG, we can all be proud that much has already
been accomplished. With the financial assistance of the Federal Reserve Bank of New
York and the U.S. Department of the Treasury, we have made substantial progress in
stabilizing AIG, reducing the systemic risk that led the government to rescue the
company, protecting our policyholders and our businesses, and developing a plan to
repay American taxpayers.
I am proud that we are now implementing this repayment plan. As we all know too well, our pace of success will depend on global economic conditions and financial markets. It is likely to take several years. All of you should have a leadership team committed to a similar time horizon and prepared to carry the plan to completion.As you know, earlier this week, we announced the nomination of six new directors to
stand for election at the company's annual shareholder meeting on June 30, 2009. This
slate will reconfigure the Board so that a majority of its members will be newly elected
independent directors.
I have recommended to the Board that the Chairman and CEO roles be separated, and
working with the Board, I have determined that, coincident with the reconfiguration of
the Board, the company should also initiate the necessary action to install a more
permanent leadership team and structure.
The Board concurs with my recommendation that the roles of Chairman and CEO be
separated and intends to conduct a search to fill each position. The search will include
participation by both the reconstituted Board and the Trustees of the AIG Credit Facility
Trust.
I am confident that this will be an orderly transition. Time and again I have been
impressed with the resilience and professionalism of the AIG community. Thank you for
your dedication and your patience during these trying times. We plan to hold a Town Hall
meeting on Wednesday, May 27, 2009, at 8:30 AM ET to talk more about the transition
plan and answer any questions you may have. In the meantime, I look forward to
continuing to work with all of you as we make progress on our plan.
Sincerely,
Edward Liddy
Letter To Employees [PDF]
Posted by guest , May 21, 2009 4:15PM
David P Steiner
Posted by guest , May 21, 2009 4:17PM
Jake DeSantis because he went to MIT and never lost money.
Posted by Tax Chick , May 21, 2009 4:21PM
Is this a result of being pushed overboard by the Feds or because he is tired of having to take it up arse from the Feds?
Posted by wcburrs87 , May 21, 2009 4:23PM
Didn't this blowhard just go on 60 minutes about this being his duty?
Posted by guest , May 21, 2009 4:25PM
This is a microcosm for how Wall Street will feel in a few years.
Too much BS from Maxine-like personalities and less and less payoff.
Posted by guest , May 21, 2009 4:26PM
I hope he returns the 40 cents or so he will owe the taxpayers upon leaving
Posted by guest , May 21, 2009 4:33PM
No surprise here. How could this job possibly be worth it for him?
Posted by HeadlessHorseman , May 21, 2009 4:35PM
"Forehead Slapper" is tardy
Posted by Garuda , May 21, 2009 4:37PM
#3 - neither. It's because Liddy, the former Goldman Sachs guy, successfully ensured that the taxpayer money that went into AIG made its way, eventually, back into the Goldman Sachs coffers.
So, he's done his job and may now count the money.
Posted by guest , May 21, 2009 4:38PM
Wow- shocked he lasted this long. I guess he finally did the math.
hmmm
1 dollar a year to deal with Geitner, Obama, and the entire Dem congress all kicking your ass for soemthing that is actually their fault.
I think he is going on 60min again and this this time its not duty...its DOODY time.
Posted by guest , May 21, 2009 4:41PM
Oh Hell yes- I get a Hurricane in 2011:
http://www.nhc.noaa.gov/aboutnames.shtml#cnp
Posted by guest , May 21, 2009 4:41PM
@4 is correct.
I think AIG was not only "too big to fail" ; it was "too big to be told what to do."
(I think a semi-colon is permissable there. Any of you Wall Street Journal editors want to chime in?)
Posted by guest , May 21, 2009 5:06PM
Betcha that ass pounder guest prefers a full colon.
Posted by guest , May 21, 2009 5:17PM
Mr. Liddy has completed his mission. Goldman Sachs has received the money he promised (paying 100% of CDS without using government "bailout" funds by using AIG as a money laundry (for which he has been very generously and secretly rewarded). What else is there for him at AIG except to become culpaple for his role in the fraud perpetrated by AIG? Good luck Mr. Liddy. I hope that this chapter in your decision to defraud the American public a second time isn't over just because you have decided to resign. May the promises made by the SEC have some validity in its investigation of your role in allowing the American taxpayer to be defrauded once again under your tenure.
Posted by guest , May 21, 2009 5:21PM
@14
Was Ed Liddy around when the insanity in AIG FP took place originally?
Posted by guest , May 21, 2009 5:27PM
so @14, off the meds again?
Posted by guest , May 22, 2009 9:41AM
@9 and @14, your paranoia is cute if slightly disturbing. Don't forget to take your lithium.
Good for Liddy--he should have done it a long time ago. Since when does the public actually appreciate public service? Being a public servant these days is like being the face of a throw-a-pie contest. All I can say is that now the taxpayers are really fucked since they were unable to appreciate having a relatively intelligent person in charge. Ha-ha, crash and burn, morons....
Posted by guest , May 24, 2009 9:40AM
case in point @16, @17 -- always thought GS was too classy to spawn trolls. Guess I was wrong.