Maurice 'Hank' Greenberg, chief executive of US insurance giant AIG, was last night removed from his post as part of a broad management reshuffle.
A statement issued by the conglomerate said its board of directors had implemented a 'management succession
plan' and elected Martin Sullivan to replace 79-year-old Greenberg as president and CEO.
Greenberg, who made no public statement, will continue to work at the company as its non-executive chairman, according to the announcement.
The world's largest insurance firm that has more than 92,000 employees in more than 130 countries and territories is believed to be worth more than $166 billion.
But AIG came under a cloud amid reports that the Securities and Exchange Commission and the New York attorney general were looking into some of its transactions that may have artificially improved the company's financial picture.
In light of these suspicions, the firm said it would delay the filing of its 2004 annual report, which was due on March 16. Officials said the delay was the result of both the management changes and the company's ongoing internal review of some of its transactions and accounting procedures.
'The company does not believe that any of the matters subject to the review are likely to result in significant changes to the company's financial position,' the statement said.
