AIG Replaces CEO Greenberg With 3 Execs

After one month of thinking about it, AIG's 'independant' Board of Directors has announced that Maurice Greenberg will hand over as CEO to Martin Sullivan.

The small print is important, and as Mr. Greenberg will remain Chairman, albeit Non-Executive, it is difficult to imagine that the new CEO will be able to do anything more than follow designated line.

Good Corporate Governance requires that a CEO does NOT move to or remain as Chairman, otherwise, nothing will change.

The regulators should keep in mind that little will be different, while Chairman Greenberg continues to have an office down the corridor!

OAM

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AIG Replaces CEO Greenberg With 3 Execs