22 May 2009

Interim boss to leave AIG

12:11 pm on 22 May 2009

Insurer AIG interim chief executive Edward Liddy is to step down after eight months in the job.

Mr Liddy was appointed after the near-collapse of the company and subsequent government bail-out in September. The BBC reports his time in the job was expected to be temporary.

Mr Liddy, who is paid an annual salary of $US1, will leave the company when a replacement is found.

AIG has been heavily criticised for paying $US165 million in bonuses after taking government money, although many top executives have agreed to return the payments.

AIG made the biggest quarterly loss in corporate history of $US61.7 billion in the final three months of 2008.

The US government has committed $US180 billion to AIG, in return for an 80% stake.