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Robert Willumstad elected as new AIG chairman

US-based insurer American International Group has elected Robert Willumstad chairman, effective November 1, 2006. He succeeds Frank Zarb, who has served as interim chairman since April 2005.

Mr Willumstad, 61, was elected to the AIG board of directors in January 2006. He retired in 2005 as president and chief operating officer of Citigroup.

Prior to the formation of Citigroup, he was chairman and CEO of Travelers Group Consumer Financial Services. Mr Willumstad also earlier spent 20 years with Chemical Bank in operations, retail banking and computer systems.

Commenting on the appointment, Mr Zarb said: Bob Willumstad is a superb choice to assume the position of AIG chairman. I have tremendous respect for his judgment, intellect and expertise in the insurance and financial services industries.