Word: willumstad
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...paid without Bank of America's consent. AIG (AIG) may be the example that best makes the case. As the company, which has been the world's premier insurance firm posted greater and greater losses on its derivative investments, the board pushed out Martin Sullivan in favor of Robert Willumstad in June 2008. Willumstad was clearly at least partially responsible for the trouble at AIG since he was the non-executive chairman before being made CEO. He made a further mess of the AIG problems because he was slow to address them and was himself fired in September. His replacement...
...current bank CEOs is that the new people coming in may or may not be better selections than the people whom they replace. In many quarters this is considered a sort of governance recidivism. But, that does not mean that the argument is entirely flawed. Pandit, Thain and Willumstad did not do any better than their predecessors. As a matter of fact, they probably did much worse. They were given the specific tasks of ferreting out problems in the companies which they were picked to operate and fix them. Each one expressed optimism about accomplishing their goals only to face...
...Citi. "My brain won't stop," Weill assured analysts during a conference call. When Prince at one point indicated that he was eager to get back to work the next day, Weill jabbed, "What, not today?" Weill also quipped that the new team--which includes Citi president Robert Willumstad, 57, who will take the additional title of chief operating officer--"better not screw...
...feels comfortable enough to roast his boss on his birthdays in front of hundreds of employees and who once persuaded Weill to dress as Superman for the affair, is practically family to Weill--or that Weill's gibes were in fun. Never mind too that Weill, Prince and Willumstad spent the weekend at Weill's country home in the Adirondacks in upstate New York celebrating the succession plan over a meal of sea bass and a rare magnum of 1966 Henri Voillot Pommard from Weill's cellar. This is business, and Weill has been spectacularly good and merciless...
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