Tuesday, March 29, 2005

AIG's Greenberg to Retire This Week

It may have been a two step process but it has been achieved. It did NOT make sense for Mr. Maurice Greenberg to hand over the CEO post to an insider and then stay around as Chairman.

Given new investigations and questions it is clear, yet again, that he has to go and, it appears, he is going!

An additional governance benefit is the separation of the Chairman and CEO roles. Not usual in the US but most welcome when we see it.

This will give the new CEO the free rein to manage the Company on a day to day basis and will allow the Chairman to manage the Board and overall strategy of the Company.

Good news!

OAM

Related links:
AIG's Greenberg to Retire This Week
The end of the Imperial CEO?
AIG Chief Greenberg ousted amid probe
AIG Replaces CEO Greenberg With 3 Execs
AIG chief steps down amid probe