10 Things You Didn't Know About AIG CEO Edward Liddy

Liddy is the CEO of American International Group.

By SHARE

1. Edward M. Liddy was born Jan. 28, 1946, in New Brunswick, N.J.

2. Liddy graduated from Catholic University of America in 1968 and earned a master's degree in business administration from George Washington University in 1972.

3. He worked at Ford Motor Co. before joining G. D. Searle & Co. in 1981, when Donald Rumsfeld was CEO; in 1988, he joined Sears, Roebuck & Co.

4. Liddy oversaw Allstate's spinoff from Sears in 1995 and was named CEO of Allstate four years later. In 2005, Hurricanes Katrina, Rita, and Wilma cost the insurer more than $5 billion combined. Allstate quickly started an effort to scale back the coverage of homes in catastrophe-prone regions.

5. Just before Liddy took over as Allstate CEO, he told a meeting of about 200 managers that some of them would not be around in a year. Later, he ousted the finance chief and investment officers.

6. In September 2008, Treasury Secretary Henry Paulson chose Liddy to head American International Group. Five years earlier, when Paulson was running Goldman Sachs Group, he also selected Liddy to join that board.

7. In October 2008, just days after AIG received an emergency $85 billion loan from the government, about 70 executives spent a week at the St. Regis resort in Monarch Beach, Calif. The group ran up a bill that included $200,000 for rooms, $150,000 for meals, and $23,000 for the spa.

8. In November 2008, AIG froze executive salaries. Liddy agreed to an annual base salary of $1 in 2008 and 2009.

9. Liddy has served on the boards of Northwestern University and the Museum of Science and Industry in Chicago. He is also a life trustee and former national chairman of the Boys and Girls Clubs of America.

10. Liddy and his wife, Marcia, have three children.

Sources:

  • Bloomberg
  • Marketplace/American Public Radio
  • Who's Who in America
  • Washington Post
  • New York Times
  • Wall Street Journal