The board of directors of the American International Group has elected Edward Liddy as the new chairman and CEO of the group. Mr Liddy succeeds Robert Willumstad.

Stephen Bollenbach, who was named lead independent director of the American International Group (AIG) in June 2008, continues in that role.

Mr Liddy joined the private equity firm of Clayton, Dubilier & Rice in 2008 after serving as the chairman of The Allstate Corporation since January 2007. He holds a BA from the Catholic University of America and an MBA from the George Washington University.