Simpson Thacher advises AIG on CEO exit

Simpson Thacher & Bartlett is advising the board of American International Group (AIG) on the exit of its chief executive, Martin Sullivan.

Simpson litigation partner Jamie Gamble along with firm chairman Dick Beattie are advising AIG on a range of issues relating to the business’ recent deteriorating performance, including the ousting yesterday (16 June) of Sullivan and his replacement by the company’s chairman, Robert Willumstad.

In a statement, AIG confirmed that the board had Willumstad to the additional position of CEO while Sullivan, named to that role three years ago, would be leaving the company and its board.

AIG is a regular client of both Simpson and Gamble. Previously, Gamble represented the board of directors and the audit committee of AIG in connection with investigations by the New York attorney general, the SEC and the US Department of Justice along with other regulatory agencies.

Simpson chairman Beattie has counseled numerous boards and non-management directors on governance issues, investigations and litigation involving corporate officers and other crisis situations.

Katten Muchin Rosenman is believed to be external counsel to Sullivan.
Neither firm was available for comment.