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NEW YORK--American International Group Inc.'s board of directors has elected Robert B. Willumstad as chairman to succeed Frank G. Zarb, who has served as interim chairman since April 2005.
Mr. Willumstad, 61, who retired in 2005 as president and chief operating officer of New York-based Citigroup Inc., has been on the AIG board since January. The change is effective Nov. 1.
Mr. Zarb, 71, remains an AIG director and will continue to serve as a nonvoting member of each of the board's standing committees, according to the company.
Commenting on Mr. Willumstad's election, Mr. Zarb said in a statement: "I am pleased to begin the transition of the responsibilities of chairman to Bob.
"Over the past 18 months, AIG's board of directors and its senior management have transformed the company in many ways, most particularly in the area of corporate governance, composition of the board of directors, transparency, regulatory compliance and the installation of a new management team, headed by President and Chief Executive Officer Martin Sullivan.
"Martin has assumed the reins of leadership of AIG and has convincingly demonstrated to the board his commitment and ability to build the company's global leadership position in all its principal business areas."
At its meeting in London, the board also elected Virginia M. Rometty as a new board member. Ms. Rometty, 49, is senior vp-global business services of IBM Corp., with responsibility for business consulting, systems integration, application services and business development.