Robert B. "Bob" Willumstad is a former

Chairman The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

and

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

of the

American International Group American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

(AIG). He was born on August 22, 1945 in

Brooklyn Brooklyn () is a borough of New York City, coextensive with Kings County, in the U.S. state of New York. Kings County is the most populous county in the State of New York, and the second-most densely populated county in the United States, be ...

and grew up in Elmont on

Long Island Long Island is a densely populated island in the southeastern region of the U.S. state of New York (state), New York, part of the New York metropolitan area. With over 8 million people, Long Island is the most populous island in the United Sta ...

. His alma mater is

Adelphi University Adelphi University is a private university in Garden City, New York. Adelphi also has centers in Manhattan, Hudson Valley, and Suffolk County. There is also a virtual, online campus for remote students. It is the oldest institution of higher ed ...

. He and his wife Carol reside in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

, and have two adult daughters and three grandchildren. Under

Sanford I. Weill Sanford I. "Sandy" Weill (; born March 16, 1933) is an American banker, financier and philanthropist. He is a former chief executive and chairman of Citigroup. He served in those positions from 1998 until October 1, 2003, and April 18, 2006, re ...

, Willumstad helped to steer the 1998 merger of

Travelers Group The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through indepen ...

and

Citicorp Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...

. From 2000 to 2003, he was the chairman and CEO of Citigroup's Global Consumer Group. He was named President of

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...

in 2002, and assumed the post of Chief Operating Officer in 2003, while continuing to serve as CEO and President of Citibank North America. Some suggested that he had been passed over for CEO in favour of Charles Prince, despite being in charge of Citi's largest business. Willumstad left Citigroup in July 2005, saying that he wanted to run a major company, after CEO

Charles Prince Charles Owen "Chuck" Prince III (born January 13, 1950) is an American corporate executive and lawyer. He is a former chairman and chief executive of Citigroup. He succeeded Sandy Weill as the chief executive of the firm in 2003, and as the chair ...

decided to take back control of operations. Willumstad founded

Brysam Global Partners Brysam Global Partners is a private equity firm that specializes in consumer financial services in emerging markets. It was founded in January 2007 by Marjorie Magner and Robert Willumstad. On September 7, 2007, Brysam completed a $228m (US) in ...

, a specialized private equity firm that invests in financial services, in 2007 with partner

Marjorie Magner Marjorie Magner (born c. 1950) is an American business executive. She is the co-founder of Brysam Global Partners, a private equity firm, and she serves as the chairman of the Gannett Corporation. Education Marjorie Magner was born c. 1950. She g ...

. Willumstad served as the chairman of the board of directors of AIG from 2006 until 2008, after

Maurice R. Greenberg Maurice Raymond “Hank” Greenberg (born May 4, 1925) is an American business executive and former chairman and chief executive officer of American International Group (AIG). Early life Greenberg was born into a Jewish family in Greenwich Vil ...

was forced to resign. Willumstad became CEO on June 15, 2008, after Martin J. Sullivan was ousted. One of Willumstad's initiatives was to repair the rift with Greenberg. In September 2008,

Edward M. Liddy Edward "Ed" Liddy (born January 28, 1946) is an American businessman who was chairman of the Allstate Corporation from 1999 to 2008. In September 2008, at the request of the secretary of the U.S. Department of the Treasury, Liddy agreed to serve ...

succeeded Willumstad to oversee the company's government-financed asset sale. Willumstad refused a $22 million severance payment for his three months' work at AIG since he was never able to enact his strategy. AIG's stock price declined 97% during his short tenure due to preexisting company conditions. On October 7, 2008, Willumstad testified before the

United States House Committee on Oversight and Government Reform The Committee on Oversight and Reform is the main investigative committee of the United States House of Representatives. The committee's broad jurisdiction and legislative authority make it one of the most influential and powerful panels in the ...

Capitol Hill Capitol Hill, in addition to being a metonym for the United States Congress, is the largest historic residential neighborhood in Washington, D.C., stretching easterly in front of the United States Capitol along wide avenues. It is one of the ...

regarding the causes and effects of the bailout of AIG.Testimony of Robert Willumstad
(PDF) Retrieved 2008-10-07

References

* {{DEFAULTSORT:Willumstad, Robert B. American chief executives of financial services companies Citigroup people Adelphi University alumni People from Brooklyn Private equity and venture capital investors Year of birth missing (living people) Living people People from Elmont, New York