Greenberg bows out as Sullivan takes helm of AIG

Tuesday 15 March 2005 at 16:00

Maurice Greenberg, chief executive of American International Group, the embattled insurer, bowed to mounting pressure and resigned after over 35 years at the firm following a board meeting in New York last night.

He will be succeeded by Martin Sullivan, vice chairman and co-chief operating officer, according to a statement from the firm.