AIG's Liddy to step down
Liddy's replacement will be the fifth CEO at AIG since 2005.
Liddy, who was tapped to run the company by the government back in September, recommended that the chairman and CEO positions be split.
"It really is a terrible job -- I'm not sure who would really want it," Robert Haines, an analyst at CreditSights, told Bloomberg News. "There is so much political baggage that whoever takes over the company is going to find it an extremely difficult and thankless job."
Liddy was paid just $1 per year but nevertheless struggled under the burden of the company's troubles and the bonus blowup. AIG, which received $182 billion in bailout money from the government, paid $165 million in bonuses to executives in its financial products division, which is the division that got the company into trouble.
"Much work remains to be done at AIG, but much has already been accomplished," Liddy said in a statement. He noted that the company's recovery "is likely to take several years, (and) AIG should have a leadership team committed to a similar time horizon and prepared to carry the plan to completion."
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The drive for five continued today and it was a success. For the fifth straight session, the S&P 500 ended lower. Like the previous four sessions, though, the losses were fairly modest in scope. The S&P 500 declined 0.4%, bringing its total loss for the five sessions to 22 points or 1.2%. All in all, that still qualifies as a pretty tame slide considering the S&P 500 had risen 150 points, or 9.1%, over the previous eight weeks.
Today's ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
The retailer labels the character's fake memoir as non-fiction. This comes weeks after it categorized the the Bible as fiction.