Robert B. Willumstad
Encyclopedia
Robert B. Willumstad is a former Chairman and CEO of the American International Group
(AIG).
He was born in Brooklyn and grew up on Long Island
. His alma mater
is Adelphi University
.
He and his wife Carol reside in New York City
, and have two adult daughters and two grandchildren.
Under Sanford I. Weill
, Willumstad helped to steer the 1998 merger of Travelers Group and Citicorp. From 2000 to 2003, he was the Chairman and CEO of Citigroup's Global Consumer Group. He was named President of Citigroup
in 2002, and assumed the post of Chief Operating Officer in 2003, while continuing to serve as CEO and President of Citibank North America. Some suggested that he had been passed over for CEO in favour of Charles Prince, despite being in charge of Citi's largest business.
Willumstad left Citigroup in July 2005, saying that he wanted to run a major company, after CEO Charles Prince
decided to take back control of operations.
Willumstad founded Brysam Global Partners
, a specialized private equity firm that invests in financial services, in 2007 with partner Marge Magner.
Willumstad served as the chairman of the board of directors of AIG from 2006 until 2008, after Maurice R. Greenberg
was forced to resign.
Willumstad became CEO on June 15, 2008, after Martin J. Sullivan
was ousted. One of Willumstad's initiatives was to repair the rift with Greenberg. In September 2008, Edward M. Liddy
succeeded Willumstad to oversee the company's government-financed asset sale. Willumstad refused a $22 million severance payment for his three month's work at AIG since he was never able to enact his strategy. AIG's stock price declined 97% during his short tenure due to preexisting company conditions.
On October 7, 2008, Willumstad testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding the causes and effects of the bailout of AIG
.
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
(AIG).
He was born in Brooklyn and grew up on Long Island
Long Island
Long Island is an island located in the southeast part of the U.S. state of New York, just east of Manhattan. Stretching northeast into the Atlantic Ocean, Long Island contains four counties, two of which are boroughs of New York City , and two of which are mainly suburban...
. His alma mater
Alma mater
Alma mater , pronounced ), was used in ancient Rome as a title for various mother goddesses, especially Ceres or Cybele, and in Christianity for the Virgin Mary.-General term:...
is Adelphi University
Adelphi University
Adelphi University is a private, nonsectarian university located in Garden City, in Nassau County, New York, United States. It is the oldest institution of higher education on Long Island. For the sixth year, Adelphi University has been named a “Best Buy” in higher education by the Fiske Guide to...
.
He and his wife Carol reside in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, and have two adult daughters and two grandchildren.
Under Sanford I. Weill
Sanford I. Weill
Sanford I. "Sandy" Weill is an American banker, financier and philanthropist. He is a former chief executive officer and chairman of Citigroup. He served in those positions until October 1, 2003, and April 18, 2006, respectively....
, Willumstad helped to steer the 1998 merger of Travelers Group and Citicorp. From 2000 to 2003, he was the Chairman and CEO of Citigroup's Global Consumer Group. He was named President of Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
in 2002, and assumed the post of Chief Operating Officer in 2003, while continuing to serve as CEO and President of Citibank North America. Some suggested that he had been passed over for CEO in favour of Charles Prince, despite being in charge of Citi's largest business.
Willumstad left Citigroup in July 2005, saying that he wanted to run a major company, after CEO Charles Prince
Charles Prince
Charles O. "Chuck" Prince, III is an American former chief executive officer and chairman of Citigroup. He succeeded Sandy Weill as the CEO of the firm in 2003, and as the Chairman of the Board in 2006...
decided to take back control of operations.
Willumstad founded Brysam Global Partners
Brysam Global Partners
Brysam Global Partners is a private equity firm that specializes in consumer financial services in emerging markets. It was founded in January 2007 by Marjorie Magner and Robert Willumstad....
, a specialized private equity firm that invests in financial services, in 2007 with partner Marge Magner.
Willumstad served as the chairman of the board of directors of AIG from 2006 until 2008, after Maurice R. Greenberg
Maurice R. Greenberg
Maurice Raymond "Hank" Greenberg is an American business executive and former chairman and CEO of American International Group , which was the world's 18th largest public company and its largest insurance and financial services corporation.He is currently chairman and CEO of C.V. Starr & Co., Inc....
was forced to resign.
Willumstad became CEO on June 15, 2008, after Martin J. Sullivan
Martin J. Sullivan
Martin J. Sullivan, OBE, , is the Deputy Chairman of Willis Group Holdings plc and Chairman and CEO of its, Willis Global Solutions, which oversees brokerage and risk management advisory services for Willis’s multinational and global accounts...
was ousted. One of Willumstad's initiatives was to repair the rift with Greenberg. In September 2008, Edward M. Liddy
Edward M. Liddy
Edward Michael Liddy was the chairman and chief executive officer of American International Group from 2008 to 2009 during the late-2000s financial crisis.-Early life:...
succeeded Willumstad to oversee the company's government-financed asset sale. Willumstad refused a $22 million severance payment for his three month's work at AIG since he was never able to enact his strategy. AIG's stock price declined 97% during his short tenure due to preexisting company conditions.
On October 7, 2008, Willumstad testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding the causes and effects of the bailout of AIG
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
.