Liddy may only take interim role at AIG

Edward Liddy, the soon-to-be-installed CEO of American International Group Inc., may not be staying on for the long term at the embattled insurer; and could return to Clayton, Dubilier & Rice Inc., the private equity firm where he is currently an operating partner.

Continue reading below

A representative of CD&R source close to the situation told The Deal that the buyout shop "expects that this will be an interim role and that Ed will return to the firm when he fulfills his responsibility to AIG."
 
Liddy will oversee the righting of AIG's financial ship and preside over asset sales as the insurance company pays back its $85 billion bridge loan to the Federal Reserve Board. Liddy joined CD&R in April of this year, after stepping down as chairman of Allstate Corp. He joined Allstate in 1994, acting as president and CEO until 1998, and then as chairman and CEO from 1999 to 2006. Liddy will replace AIG's current CEO Robert Willumstad.

Update:  A CD&R spokesperson contacted The Deal to clarify the firm's position saying that the characterization of Liddy at AIG as "interim" is not necessarily accurate. - George White

See Dealscape post on Liddy
See Dealscape post on AIG takeover
See Liddy bio on CD&R Web site
See Crisis on Wall Street Dealwatch

Post a comment

Name:

Email Address:

URL:

Remember personal info?

Comments: (you may use HTML tags for style)

Please only click "Post" once. It may take a few moments to process.

Deal Video

	Inside The Deal: Avaya Inc.'s Mohamad Ali on the company's next target.
More video...

Elsewhere on The Deal.com

Dealwatch

• Confectioners: Cadbury, Hershey, more
• AOL
• Restaurants in the hot seat
• Ponzi schemes, fraud and other misdeeds

The Deal Magazine

• The kids are all right
• The search for auspiciousness
• Be true to your school
• Waiting to exhale

Corporate Dealmaker

• Dell drives in IT services as PC slump deepens
• Proxy prelim: CF wins Terra board seats
• Deal Economy 2010: Avaya's Ali on digesting Nortel
• Disney, Microsoft, Abbott Labs win M&A awards

The Deal Video

• Deal Economy 2010: Centerview's Effron on large deals
• Deal Economy 2010: Bove on Goldman's $500M donation
• Bove's top two candidates for BofA CEO
• PwC's Ross on divestments

Categories

• Bankruptcy
• Corporate restructuring
• Deal international
• Dealmakers
• Featured
• IPOs
• M&A
• Middle market
• Law & regulation
• Private capital
• Conferences
• Technology

Blog roll

• BloggingBuyouts
• BloggingStocks
• Dealbook
• DealBreaker
• Deal Journal
• FT Alphaville
• footnoted.org
• Going Private
• peHUB
• Reuters Dealzone
• SEC Investor
• Prince Of Wall Street
• Bankruptcy Bill
• Information Arbitrage

Archives

• November 2009
• October 2009
• September 2009
• August 2009
• July 2009
• June 2009
• May 2009
• April 2009
• March 2009
• February 2009
• January 2009
• December 2008
• November 2008
• October 2008
• September 2008
• August 2008
• July 2008
• June 2008
• May 2008
• April 2008
• March 2008
• February 2008
• January 2008
• December 2007
• November 2007
• October 2007
• September 2007
• August 2007
• July 2007
• June 2007
• May 2007
• April 2007
• March 2007
• February 2007
• January 2007
• December 2006
• November 2006
• October 2006
• September 2006
• August 2006
• July 2006
• June 2006
• May 2006
• April 2006
• March 2006
• February 2006
• January 2006
• December 2005