American International Group, Inc. (AIG) says that its Board of Directors has elected Robert B. Willumstad as Chairman.
He succeeds Frank G. Zarb, who has served as Interim Chairman since April, 2005. Willumstad, was elected to the AIG Board of Directors in January 2006. He retired in 2005 as President and Chief Operating Officer of Citigroup, Inc. He was a member of the Citigroup Management and Business Heads Committee and of the Citigroup Board of Directors.
“I am pleased that the Board of Directors has elected me to the position of Chairman. Frank Zarb has provided strong leadership to the Board during a period in which significant change has occurred in AIG’s management team, the Board’s composition, and in the governance of AIG,” says Willumstad. “This is an outstanding organization with world class businesses and a great management team. No other organization I know of has the worldwide franchise in insurance and financial services that AIG has built over the years. I feel privileged to be a part of this effort and look forward to working with Frank and my other Board colleagues, as well as with Martin and his team, to build AIG’s future.”