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American International Group
Date: Mar 15, 2005
Contributor: Harriett Hege
Greenberg out as CEO at insurance giant AIG
Maurice "Hank" Greenberg has stepped down as chief executive of insurance giant American International Group as part of a broad management reshuffle.
A statement issued by the conglomerate late Monday said its board of directors had implemented what it called a "management succession plan" and elected Martin Sullivan, 50, to replace 79-year-old Greenberg as president and chief executive officer.
Greenberg, who made no public statement, will continue as non-executive chairman of AIG, according to the announcement.
Board chairman Frank Zarb said the company appreciated "the enormous contributions that Hank Greenberg has made to AIG's growth and success."
"However, the board has concluded it is now in the best interest of AIG's shareholders, customers and employees to turn to a new generation of leadership, and we are pleased that Hank Greenberg will assist in the transition," Zarb pointed out.
As part of the shakeup, former vice chairman Donald Kanak, 52, was elected executive vice chairman and chief operating officer in charge of operations in Asia.
Meanwhile, Steven Bensinger, 50, became executive vice president and chief financial officer, succeeding Howard Smith, 60, who is leaving the company.
As the world's largest insurance firm, AIG has more than 92,000 employees in more than 130 countries and territories is believed to be worth more than 166 billion dollars under current market prices. It claims to have the most extensive worldwide property-casualty and life insurance networks.
But AIG came under a cloud of suspicion amid reports that the Securities and Exchange Commission (news - web sites) (SEC) and the New York attorney general were looking into some of its transactions that may have artificially burnished the company's financial picture.
In light of these suspicions, the firm said it would delay the filing of its 2004 annual report, which was due out March 16.
Officials said the delay was the result of both the management changes and the company's ongoing internal review of some of its transactions and accounting procedures.
"The company does not believe that any of the matters subject to the review are likely to result in significant changes to the company's financial position," the statement said.
In November, The Wall Street Journal said Greenberg was the target of a federal investigation for allegedly manipulating AIG's stock prices in 2001. AIG paid 126 million dollars to put an end to the investigations by the SEC and the Attorney General's Office.
Sullivan reassured investors that the company's "extremely strong business and our financial fundamentals remain intact."
"The company is committed to cooperating with the governmental authorities in their ongoing investigations," Sullivan said. "We take these matters seriously and want to bring them to resolution."
AIG's credit ratings were under scrutiny after the news.
Fitch Ratings said Tuesday it downgraded AIG debt to AA-plus from AAA.
"Today's rating action reflects Fitch's view that the 'AAA' rating, which had been on negative outlook since May 2003, has been further pressured by the negative circumstances surrounding recent government investigations into select business practices of AIG and members of its management," Fitch said.
"Fitch believes that the uncertainties and disruptions created by these events are inconsistent with the highly conservative and stable profile required of a company assigned an 'AAA' unsecured senior debt rating."
Standard and Poor's said it put the company on "CreditWatch with negative implications."
"These rating actions follow the announcement that AIG's long-standing CEO, Maurice Greenburg, has stepped down, and that the CFO, Howard Smith, has taken leave," Standard and Poor's credit analyst Grace Osborne said in a press release.
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