Edward Liddy Looking for Deals
American International Group’s newest Chief Executive Officer Edward M. Liddy is in charge of steering the now government-financed finance and insurance investment company after being affected by the global economic crisis. Edward Liddy, who replaced Robert Willumstad at the AIG CEO spot, is looking for deals which the company can work on.
Experts have speculated that if the AIG Financial Advisors Group is not sold soon, then the organization will have to deal with issues concerning manpower shortage. American International Group’s 7,000 registered representatives and advisers produced $1.3 billion in revenues for American International Group last year, 2007.
Jonathan Henschen, president of the Minnesota-based recruiting firm Henschen and Associates, figured that American International Group will need to sell some of its assets quickly in order to constantly and significantly improve its position/situation.
AIG Financial Advisors head honcho Jeff Auld wrote a letter to the employees of the said group, urging them to stay steadfast with the company amidst possible efforts from American International Group’s competitors to recruit them. Jeff Auld added that their competitors might promise the representatives and executives of AIG Financial Advisors greener pastures and more stable careers, but any big career move should be set aside for the moment until clearer options emerge and are visibly defined.
Edward Liddy, who is now in charge of American International Group operations, intends to keep intact the company’s US-based businesses and properties, as well as some foreign general insurance investments. The AIG Advisor Group is one of the business ventures Edward Liddy wants to let go.
About Edward Liddy
Born on January 28, 1946, Edward Liddy worked for the Allstate Corporation and served as its CEO, Chairman and President prior to joining American International Group. He also served as the CEO of Goldman Sachs. Edward Liddy was also the Chief Financial Officer of G. D. Searle & Co., where former Defense Secretary Donald Rumsfeld held the Chief Executive Officer position.
Aside from the American International Group, Edward Liddy is currently working with 3M and The Kroger Company, serving as a member of the board. Edward Liddy reportedly receives a salary of $1 as AIG CEO, aside from equity grants.