AIG Chief Ousted amid Mortgage Losses AIG Chief Executive Officer Martin Sullivan is the latest victim of the credit crunch. For the past three years, he has led the world's largest insurance company. In recent months, he presided over the collapse of the boom in risky mortgage investments. AIG's stock price dropped in half, and angry shareholders pushed for Sullivan's ouster.
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AIG Chief Ousted amid Mortgage Losses

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AIG Chief Ousted amid Mortgage Losses

AIG Chief Ousted amid Mortgage Losses

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STEVE INSKEEP, host:

NPR business news starts with another Wall Street CEO ousted.

(Soundbite of music)

INSKEEP: Martin Sullivan is the latest to be told goodbye. He was chief of AIG, the world's largest insurance company. In recent months, he's presided over the collapse of risky mortgage investments. AIG has lost more than $20 billion on the value of its investments, and the company recorded its two biggest quarterly losses ever. The stock price dropped in half, and angry shareholders have been pushing for Sullivan's ouster. AIG's board is now replacing him with a veteran banker from Citigroup.

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