Wealth management

In Brief: AIG Gives Ex-Citi COO Its Chairman Post

September 21, 2006, 1:00 a.m. EDT 1 Min Read

American International Group Inc. announced Wednesday that it had hired a former top executive at Citigroup Inc. to be its chairman.

Robert B. Willumstad, 61, who left Citigroup last summer after being passed over for the CEO job, is to succeed Frank G. Zarb, who has been interim chairman since April 2005, on Nov. 1. Mr. Zarb has been interim chairman since Maurice "Hank" Greenberg, who led the company for 40 years, resigned in March 2005 amid an accounting scandal.

Mr. Willumstad was elected to the AIG board in January.

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Wealth management

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