By Lilla Zuill Sun Jun 15, 11:20 PM ET NEW YORK (Reuters) - The world's biggest insurer, American International Group Inc (AIG.N), replaced CEO Martin Sullivan on Sunday after it suffered two quarters of record losses from risky mortgage bets and its share price more than halved over the past year.Sullivan is the latest Wall Street chief -- including former Citigroup Inc (C.N) Chief Executive Charles Prince and Merrill Lynch & Co's (MER.N) Stan O'Neill -- who have left their jobs amid large losses stemming from the collapse of the U.S. subprime mortgage market, which triggered a global credit crunch.
AIG named veteran former Citigroup (C.N) banker Robert Willumstad, who was already AIG chairman, as its new CEO, effective immediately.
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