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New CEO at AIG

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Another new CEO has taken the helm of a big New York-based firm ravaged by losses tied to subprime mortgages. Robert Willumstad replaced Martin Sullivan as CEO of insurance giant American International Group yesterday. Sullivan was tossed after AIG lost 41 percent of its market value this year, following record losses of $13 billion over the past two quarters. The CEOs at Citigroup, Merrill Lynch and Wachovia have also been replaced because they failed to foresee huge subprime losses. Willumstad, a Brooklyn native, has worked as chief operating officer at Citigroup. AIG faces government reviews of its accounting of credit-default swaps