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AIG’s Robert Willumstad Declines AIG Severance Package
By Amarendra Bhushan for CEOWORLD Magazine Updated:September 22, 2008
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American International Group Inc’s (AIG) former Chief Executive Robert Willumstad has rejected a $22 million severance payment, the Wall Street Journal reported, citing a person familiar with the decision.
Willumstad e-mailed his successor, Edward Liddy, of his decision to forego the severance since he was not able to execute the restructuring plan he had developed, the paper said.The newspaper also reported major shareholders concerned about the government takeover were planning to meet on Monday to discuss alternatives to the federal bailout, citing a person familiar with the matter. AIG and Robert Willumstad could not be immediately reached for comment.
Who is Robert B. Willumstad?
Former Chairman and Chief Executive Officer
American International Group, Inc.
Willumstad, 62, has been Chairman of the Board of AIG since November 2006. He is the co-founder of Brysam Global Partners, a New York-based private equity investment firm focused on emerging markets financial services investments. He resigned in 2005 as President and Chief Operating Officer of Citigroup, Inc., where he was responsible for all of the company’s businesses and also served as a Board member. Previously, Willumstad was Chairman and Chief Executive Officer of the Global Consumer Group at Citigroup, where he was responsible for all of its global consumer businesses, including credit cards, consumer
finance and retail banking. Prior to the formation of Citigroup in 1998 from the merger of Citicorp and Travelers Group, he was Chairman and Chief Executive Officer of Travelers Group Consumer Financial Services. He joined CitiFinancial (then Commercial Credit) in 1987.
Earlier in his career, he spent 20 years at Chemical Bank in operations, retail banking and computer systems. He is a member of the Board of Directors of S.C. Johnson & Son, Inc. and a Trustee of Adelphi University.
On June 15, 2008, American International Group, Inc. announced that its Board of Directors elected Robert B. Willumstad to succeed Martin J. Sullivan as Chief Executive Officer effective June 15, 2008. Mr. Willumstad, age 62, is a co-founder and a partner in Brysam Global Partners, a private equity investment firm. Mr. Willumstad is the former President and Chief Operating Officer of Citigroup Inc., where he served in executive positions for more than five years until his retirement in September 2005.
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