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AIG's Liddy steps down after bailout

EDWARD Liddy, the chief executive and chairman of AIG, is to step down from the insurer as soon as a replacement is found, it emerged last night.<br /><br />Liddy, who earlier this year called on AIG staff to give back at least half of their bonuses, said the company's return to financial health would &ldquo;take several years&rdquo;.<br /><br />He added that the firm &ldquo;should have a leadership team committed to a similar time horizon and prepared to carry the plan to completion&rdquo;.<br /><br />Liddy was parachuted in to run AIG by the Federal Reserve in September last year, after it was bailed out by the US government in a rescue package that cost more than $150bn (&pound;94.7bn)<br /><br />Liddy also recommended that the chairman and chief executive roles be split in future.