Robert B. Willumstad
|Robert B. Willumstad|
Robert B. Willumstad was the chief executive of the insurance company American International Group (AIG), when it was taken over by the Federal Reserve on Sept. 16, 2008 in a last-ditch move to stave off its collapse.Willumstad took over the AIG CEO post from Martin Sullivan, who stepped down as losses on mortgage investments pushed AIG deep into the red. Willumstad was replaced by Edward Liddy when the government stepped in with a rescue of the global insurer.
Willumstad waived a $22.5 million severance payment that he would have been due, according to a document filed with the U.S. Securities and Exchange Commission.
Willumstad is also a member of the board of directors of S.C. Johnson & Son, Inc. and a Trustee of Adelphi University.
Willumstad became chairman of the board at AIG in November of 2006.
He resigned in 2005 as president and chief operating officer of Citigroup, Inc., where he was responsible for all of the company's businesses and also served as a board member.
Prior to the formation of Citigroup in 1998 from the merger of Citicorp and Travelers Group, he was chairman and chief executive officer of Travelers Group Consumer Financial Services. He joined CitiFinancial (then Commercial Credit) in 1987. Earlier in his career, he spent 20 years at Chemical Bank in operations, retail banking and computer systems.
Willumstad served in the USMC Reserve for five years.
Willumstad attended Adelphi University.