Former Allstate CEO Edward Liddy is set to take the helm of the recently-rescued AIG.
Bloomberg: American International Group Inc., the insurer that was saved by the U.S. government, will be run by former Allstate Corp. Chief Executive Officer Edward Liddy, a person familiar with the takeover said.
Liddy was selected after discussions between regulators and New York-based AIG, said the person, who declined to be named because his appointment wasn’t formally announced. Liddy, 62, was CEO of Northbrook, Illinois-based Allstate from 1999 until 2005. He replaces Robert Willumstad as CEO of AIG.
The Deal has a bit more background on Liddy:
Currently a partner at Clayton, Dubilier & Rice Inc.; Liddy joined the private equity firm only four months ago. He joined Allstate in 1994, acting as president and CEO until 1998; and then as chairman and CEO from 1999 to 2006. He assumed the role of chairman alone from January 2007 until joining the buyout shop.
Note: Despite the discrepancy in dates above, we’d be inclined to go with those in The Deal‘s write-up since the info was lifted from Liddy’s CDR bio.
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