AIG chief set to step down

MAURICE “Hank” Greenberg, who turned American International Group (AIG) into a global insurance powerhouse, is stepping down as chairman this week as investigations into the company’s business practices mount.

After the US Securities and Exchange Commission put 10 new possibly questionable transactions under scrutiny, AIG said former Nasdaq chairman and AIG board member Frank Zarb will assume the duties of chairman on March 30 or March 31 when Mr Greenberg returns from a trip to Asia and Europe.

Mr Greenberg, 79, took the reins of the company in 1967, transforming it from an obscure seller of life insurance into a market leader with nearly $100 billion in revenue and 93,000 employees worldwide.