AIG Taps Former Citigroup, Travelers Exec Willumstad as Chairman

American International Group, Inc. (AIG) named a former Citigroup president and chef operating officer, Robert B. Willumstad, as chairman, effective Nov. 1, 2006.

He succeeds Frank G. Zarb, who has served as interim chairman since April, 2005. . Zarb remains an AIG director and will continue to serve as a non-voting member of each standing committee of the Board.

Willumstad, 61, was elected to the AIG board of directors in January 2006. He retired in 2005 as president and COO of Citigroup, Inc., where he was a member of the Citigroup Management and Business Heads Committee and of the Citigroup board of directors. Earlier, Willumstad served as chairman and CEO of the Global Consumer Group at Citigroup, with responsibility for all of Citigroup’s global consumer businesses, including credit cards, consumer finance and retail banking.

Prior to the formation of Citigroup, he was chairman and CEO of Travelers Group Consumer Financial Services. He joined CitiFinancial (then Commercial Credit, a predecessor company) in 1987.

As chairman, Willumstad will be an ex-officio non-voting member of each standing committee of the board. In connection with the transition of the responsibilities, Morris W. Offit will succeed Willumstad as chairman of AIG’s Finance Committee and Michael H. Sutton will succeed Offit as chairman of AIG’s Audit Committee. Offit will continue to serve as a member of AIG’s Audit Committee.

American International Group, Inc. is an international insurance organization with operations in more than 130 countries and jurisdictions.

Source: AIG