AIG Chief Resigns

June 16, 2008

MSN Money is reporting on the resignation of AIG Chief Martin Sullivan in the wake of the mortgage meltdown. Here’s an excerpt:

Another Wall Street executive bites the dust because of the subprime-mortgage market mess. Martin Sullivan is stepping down as chief executive officer at American International Group (AIG, news, msgs) amid intense shareholder pressure. Big shareholders — including billionaire investor Eli Broad and Legg Mason (LM, news, msgs) fund manager Bill Miller — had written letters to AIG’s board of directors, pushing the company to make changes to its leadership. Shares of AIG, a Dow stock, fell 43 cents, or 1.3%, to $33.75 in midday trading.

Click here to read the entire article.

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