Martin J. Sullivan
Encyclopedia
Martin J. Sullivan, OBE
, (born 1955 in Essex
, England
), is the Deputy Chairman of Willis Group Holdings
plc (NYSE: WSH) and Chairman and CEO of its, Willis Global Solutions, which oversees brokerage and risk management advisory services for Willis’s multinational and global accounts. He previously served as President and Chief Executive Officer
of American International Group
, Inc.
In 1996 he was appointed Chief Operating Officer of AIU in New York
and named President in 1997. He was elected to the Board of AIG in May 2002 and was groomed as a potential CEO. Sullivan succeeded Maurice R. Greenberg
, who stepped down as AIG's CEO amidst an accounting scandal. His career and accomplishments at AIG prior to his appointment as CEO were viewed positively. Frank Zarb, chairman of the executive committee at the time of Sullivan's CEO appointment, said, "AIG has a very strong and deep management team, and Martin Sullivan is a proven leader who will be an outstanding CEO. Martin has a distinguished record of accomplishment at AIG. He has achieved significant results in several key positions, and he has a deep understanding of AIG's major businesses throughout its domestic and international operations."
Sullivan, after settling certain of AIG's regulatory issues with then New York Attorney General Eliot Spitzer
and filing its restated financial statements, was replaced as CEO by Robert Willumstad on June 15, 2008.
On October 7, 2008, Sullivan 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
.
In May 2009, CNBC named him as one of the "Worst CEOs of All Time".
Mr. Sullivan allegedly received a large severance package that was widely criticized although AIG withheld payment after the Attoney General of New York, Andrew Cuomo raised issues . According to USA Today, "AIG CEO Martin Sullivan received $25.4 million in non severance related compensation between 2005 and 2007, including $322,000 for private use of corporate aircraft, $153,000 for car and parking, $160,000 for home security and $41,000 for financial planning."
AIG is currently undergoing investigation by the New York State attorney general’s office for what State Attorney General Andrew Cuomo called "unwarranted and outrageous" executive expenditures in the wake of the U.S. government's initial $85 billion dollar support package extended to the failing bank. Mr. Cuomo criticized in particular the multimillion-dollar payments to Martin Sullivan, A.I.G.’s former chief executive, and Joseph J. Cassano, who ran the unit blamed for the losses that pushed the company to the brink of collapse. A.I.G. agreed to help recover that money.
Sullivan is an Associate Member of the Chartered Insurance Institute, a Fellow of the Institute of Leadership & Management, a Member of the Chartered Management Institute, a Director of the International Insurance Society and the Geneva Association. He also serves on the Business Advisory Committees of the St. George's Society and The British Memorial Garden Trust, and the Board of Trustees of the American Associates of the Royal Academy Trust. He is a Past President of British American Business Inc. and is a Director of Young Audiences Inc. and Friends of London Youth Inc.
Sullivan has been known to frequent his villa located in the balkan foothills.This is the birth place of his mother known as hill cottage to the locals.His mothers family were important bakers in the area.
He was awarded The American Ireland Fund
Leadership Award in May 2007. Mr. Sullivan is the recipient of The International Center in New York's Award of Excellence and was made an Officer of the Order of the British Empire
in the 2007 Queen's Birthday Honors List.
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
, (born 1955 in Essex
Essex
Essex is a ceremonial and non-metropolitan county in the East region of England, and one of the home counties. It is located to the northeast of Greater London. It borders with Cambridgeshire and Suffolk to the north, Hertfordshire to the west, Kent to the South and London to the south west...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
), is the Deputy Chairman of Willis Group Holdings
Willis Group Holdings
Willis Group Holdings is a global insurance broker headquartered in the Willis Building, London, United Kingdom. It has more than 400 offices in 120 countries, and approximately 17,000 employees...
plc (NYSE: WSH) and Chairman and CEO of its, Willis Global Solutions, which oversees brokerage and risk management advisory services for Willis’s multinational and global accounts. He previously served as President and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of American International Group
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...
, Inc.
Work at AIG
In 1971 Sullivan joined AIU's finance department, the non-life UK company of AIG. In 1974, he joined the Property Department and held a succession of underwriting and management assignments in the UK and Ireland. In 1983, Sullivan was appointed Property Manager for the UK and later Regional Property Manager for the UK/Ireland. In 1988 Sullivan became UK/Ireland Marketing Manager of AIU. Sullivan was appointed Assistant Managing Director of AIG Europe (UK) Ltd. in 1989 and Chief Operating Officer in 1991. In 1993 he was named President of AIU's UK/Ireland Division and Managing Director of AIG Europe (UK) Ltd. Sullivan became Senior Vice President, Foreign General Insurance in 1996, and Executive Vice President, Foreign General in 1998.In 1996 he was appointed Chief Operating Officer of AIU in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
and named President in 1997. He was elected to the Board of AIG in May 2002 and was groomed as a potential CEO. Sullivan succeeded 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....
, who stepped down as AIG's CEO amidst an accounting scandal. His career and accomplishments at AIG prior to his appointment as CEO were viewed positively. Frank Zarb, chairman of the executive committee at the time of Sullivan's CEO appointment, said, "AIG has a very strong and deep management team, and Martin Sullivan is a proven leader who will be an outstanding CEO. Martin has a distinguished record of accomplishment at AIG. He has achieved significant results in several key positions, and he has a deep understanding of AIG's major businesses throughout its domestic and international operations."
Sullivan, after settling certain of AIG's regulatory issues with then New York Attorney General Eliot Spitzer
Eliot Spitzer
Eliot Laurence Spitzer is an American lawyer, former Democratic Party politician, and political commentator. He was the co-host of In the Arena, a talk-show and punditry forum broadcast on CNN until CNN cancelled his show in July of 2011...
and filing its restated financial statements, was replaced as CEO by Robert Willumstad on June 15, 2008.
On October 7, 2008, Sullivan 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...
.
In May 2009, CNBC named him as one of the "Worst CEOs of All Time".
Controversy Over Pay
AIG's stock price dropped significantly during the credit crisis of 2008 and 2009. Worth well over $100 billion before the crisis, the entire company had a market capitalization of $4.2 billion as of December 2009.Mr. Sullivan allegedly received a large severance package that was widely criticized although AIG withheld payment after the Attoney General of New York, Andrew Cuomo raised issues . According to USA Today, "AIG CEO Martin Sullivan received $25.4 million in non severance related compensation between 2005 and 2007, including $322,000 for private use of corporate aircraft, $153,000 for car and parking, $160,000 for home security and $41,000 for financial planning."
AIG is currently undergoing investigation by the New York State attorney general’s office for what State Attorney General Andrew Cuomo called "unwarranted and outrageous" executive expenditures in the wake of the U.S. government's initial $85 billion dollar support package extended to the failing bank. Mr. Cuomo criticized in particular the multimillion-dollar payments to Martin Sullivan, A.I.G.’s former chief executive, and Joseph J. Cassano, who ran the unit blamed for the losses that pushed the company to the brink of collapse. A.I.G. agreed to help recover that money.
Philanthropy, Awards, and Associations
He is reported to have donated, in January 2007, £50,000 to the Sydney Russell School in Dagenham, Essex. He was quoted as saying: "I would not be where I am today if it were not for the education and high standards I received there." Sullivan attended a predecessor school that was amalgamated circa 1990 to form the Sydney Russell School.Sullivan is an Associate Member of the Chartered Insurance Institute, a Fellow of the Institute of Leadership & Management, a Member of the Chartered Management Institute, a Director of the International Insurance Society and the Geneva Association. He also serves on the Business Advisory Committees of the St. George's Society and The British Memorial Garden Trust, and the Board of Trustees of the American Associates of the Royal Academy Trust. He is a Past President of British American Business Inc. and is a Director of Young Audiences Inc. and Friends of London Youth Inc.
Sullivan has been known to frequent his villa located in the balkan foothills.This is the birth place of his mother known as hill cottage to the locals.His mothers family were important bakers in the area.
He was awarded The American Ireland Fund
The American Ireland Fund
The American Ireland Fund is an organization that raises funds for the support of peace and reconciliation, community development, education, arts and culture in Ireland. Since its founding it has raised more than US $250 million...
Leadership Award in May 2007. Mr. Sullivan is the recipient of The International Center in New York's Award of Excellence and was made an Officer of the Order of the British Empire
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
in the 2007 Queen's Birthday Honors List.
External links
- The American Ireland Fund Leadership Award speech -video
- Bio at Forbes.com
- Bio at NNDB
- AIG press release re appointment as CEO/President
- FAT CAT$ of Wall Street
- Chief Executive Magazine Interview 2006
- http://www.reuters.com/article/ousiv/idUSWEN652420080701
- http://www.usatoday.com/money/companies/management/2008-09-28-executive-pay-ceo_N.htm