Embattled insurer AIG’s chief executive, Edward Liddy, is ready to quit his job just after 8 months at the post. Liddy was appointed last September smack dab in the middle of the financial crisis.
In his term, AIG made its largest quarterly loss in its history, losing $61.7 billion in the final quarter of 2009 and has also reported of loss for the first quarter of the year.
Unfortunately for him, the company wasn’t only hit hard by the continuing crunch but also with the bonuses issue that got the ire of feds and taxpayers. AIG handed out $165 million in bonuses while receiving bailout funds from the government.
“Much work remains to be done at AIG, but much has already been accomplished,” Liddy said. “Our pace of success will depend on global economic conditions and financial markets. It is likely to take several years.”
Liddy is currently being paid $1 salary like many chief executives. Liddy will step down when a replacement is found.
