FACTBOX: AIG chief Sullivan's rise and fall
NEW YORK (Reuters) - American International Group Chief Executive Martin Sullivan stepped down on Sunday, with Robert Willumstad, chairman of the world's largest insurer and a former Citigroup Inc executive, tapped by AIG to replace him effective immediately.
Here are some key details of Sullivan's three years at AIG's helm:
* March 15, 2005 -- AIG picks Martin Sullivan, an Englishman who had been a chief operating officer, to replace Maurice "Hank" Greenberg as chief executive, with Greenberg leaving the company under the cloud of an accounting scandal.
* May 31, 2005 -- Sullivan announces AIG will restate several years worth of results to fix overstated income over the previous five years by $3.9 billion, or 10 percent.
* February 9, 2006 -- Sullivan oversees AIG's agreement to pay $1.64 billion to settle charges of fraud, bid rigging and improper accounting, one of the largest regulatory settlements in U.S. history.
* December 5, 2007 -- Sullivan, at an investor day, moves to assure shareholders that AIG does not expect material losses from investments linked to subprime mortgage investments.
* February 11, 2008 -- AIG, in a regulatory filing, said it finds fault with the way it has been valuing derivatives linked to subprime mortgage investments, leading its auditor to cite the insurer for a "material weakness" over internal controls.
* February 28, 2008 -- AIG posts a $5.3 billion quarterly loss, then the largest in its 89-year history, on $11.1 billion in write-downs to the derivatives portfolio, held by its financial products unit. The head of that unit says he will quit the position. The result mars Sullivan's previous track record of posting a profit in every quarter since he became CEO.
* May 8, 2008 -- AIG posts a first-quarter loss of $7.8 billion, its second consecutive record quarterly loss, taking a $9.11 billion write-down on the market value of the AIG Financial Product's derivatives portfolio, as the value of subprime mortgages sinks further. The insurer says Chief Financial Officer Steven Bensinger will move to a new position. It does not name a replacement.
* May 14, 2008 -- Chairman Robert Willumstad, at AIG's annual meeting, says Sullivan has the support of the board, but admits the results have been disappointing. That same day he and another director meet with some dissident shareholders, who in a letter have called for AIG to replace management.
* June 15, 2008 -- AIG says Sullivan, after nearly 36 years with the company, is leaving, and will also quit the board, to be replaced by Willumstad as CEO, effective immediately. Willumstad also retains the chairman title.
(Reporting by Lilla Zuill; Editing by Jonathan Oatis)
