AIG Chief Sullivan Ousted In Wake of Subprime Losses

Law360, New York (June 17, 2008, 12:00 AM EDT) -- Becoming the latest Wall Street titan to find his head on the chopping block, Martin Sullivan has been axed from his post as CEO of the world's biggest insurer, American International Group Inc., a casualty of shareholder pressure to replace him in the wake of mounting losses.

Sullivan will be replaced by the company's chairman, Robert B. Willumstad, AIG said. AIG has racked up two quarters of record losses driven by the collapse of the subprime mortgage market, posting a loss of $5.3 billion in the...
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