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American International Group continues its bizarre public silence this weekend about the future of its embattled Chief Executive Martin Sullivan.
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Martin Sullivan |
On Friday, CNBC reported that the board of AIG is weighing whether to hold a meeting this weekend in which it will decide whether Sullivan will remain as CEO.
People with knowledge of the board's activities say Sullivan could be removed from his job possibly within the coming days.
Contacted on Saturday afternoon, Nicholas Ashooh, AIG senior vice president of communications, would not deny the CNBC report, and said he isn't authorized to comment on whether a board meeting had taken place or will take place this weekend. Ashooh reports directly to Sullivan.
Sullivan has come under intense criticism of late over his management of the insurance giant. AIG recently announced billions of dollars in writedowns from losses after Sullivan and the company assured investors the writedowns would be minimal.
One of Sullivan biggest critics has been the man he replaced back in 2005, when AIG was reeling from an accounting scandal: Maurice "Hank" Greenberg. The former long-time CEO and chairman of AIG - and still its largest shareholder - has publicly attacked Sullivan's management of the company.
But as CNBC has reported, investors in AIG [AIG
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] shares, and more recently some board members, have been critical as well, and are privately conceding that Sullivan's days as CEO are numbered.
One indication that Sullivan's future is in jeopardy can be seen through the company's statements about his future as CEO.
In February after CNBC reported that Sullivan's job was in jeopardy because of the losses a spokesman for AIG was quick to comment: "He's not leaving" the firm. He continued to publicly support Sullivan up until recently. That's in stark contrast to the firm's current public position on Sullivan's future.
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