From the moment Martin Sullivan took the helm as Chief Executive, at a difficult time for the company, he has shown a steady hand, both in dealing with the regulatory issues and governance failures, as well in ensuring that the business didn´t miss a beat.
The split roles of Chairman and Chief Executive, which were separated at the time of the forced departure of Hank Greenberg, has been maintained and is a showcase for what good governance should be. This should be emulated.
It shows a confidence on the part of the CEO to have such a high profile Chairman, as Bob Willumstad who will need to fit into his role, which is a different one, albeit an important one as well
Onésimo Alvarez-Moro
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The Odd Couple is how some observers have portrayed AIG’s chief executive and its newly appointed non-executive chairman: Martin Sullivan, the stocky, down-to-earth Londoner; and Bob Willumstad, the tall, thoughtful New Yorker.
But Oscar and Felix they are not. In a joint interview at the headquarters of the world’s biggest insurer, near Wall Street, the striking thing is not how different they are but how similar.
“Martin and I have a lot of similarities. We have had a lot of the same experiences and I probably have as good an understanding as anyone of what Martin has to deal with every day,” says Mr Willumstad, 61, who takes over as chairman this week.
Their backgrounds have remarkable echoes. Born into working class families, both climbed their way up through large financial organisations before becoming the trusted lieutenants of powerful, charismatic leaders. For Mr Willumstad it was Sandy Weill at Citigroup; for Mr Sullivan, Hank Greenberg at AIG.
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