Martin Sullivan must have realized he had a hard act to follow when he took over for industry titan Maurice Greenberg as CEO at AIG, but I doubt he thought it was going to be this hard, after he was unceremoniously replaced last month in the day-to-day command chair by the beleaguered company's chairman, Robert Willumstad.
Mr. Sullivan took a public beating, with potshots from his predecessor perhaps the death blow. Mr. Greenberg wrote the board in May, warning that "AIG is in crisis," while questioning a capital-raising plan and other performance issues on Mr. Sullivan's watch.
Mr. Greenberg contended that $15.3 billion in write-downs, prompted by subprime-related credit woes, resulted in "a complete loss of credibility with the investment community and even further loss of value for shareholders."
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