Martin J. Sullivan
Martin J. Sullivan | |
|---|---|
| Born | 1955 Essex, England |
| Occupation | Business executive |
| Known for | Former CEO of American International Group, Inc. |
Martin J. Sullivan, OBE, born in 1955 in Essex, England, is the former deputy chairman of Willis Group Holdings plc (NYSE: WSH) and previously served as chairman and CEO of Willis Global Solutions, where he managed brokerage and risk advisory services for the firm’s global accounts. Additionally, he held the position of president and CEO at American International Group, Inc.
Career at AIG
Sullivan began his career in 1971 within AIU's finance division, advancing through various underwriting and management positions across the UK and Ireland. By 1983, he had become UK property manager, subsequently taking on the role of regional property manager for the UK and Ireland. In 1988, he was appointed marketing manager for AIU in the UK and Ireland, followed by his promotion to assistant managing director of AIG Europe (UK) Ltd. in 1989, and then chief operating officer in 1991. In 1993, Sullivan was named president of AIU’s UK/Ireland Division and managing director of AIG Europe (UK) Ltd. He progressed to senior vice president for foreign general insurance in 1996 and was elevated to executive vice president in 1998.
In 1996, he took on the role of COO at AIU’s New York office and became president a year later. Sullivan joined AIG’s board in May 2002 as a prospective successor to the CEO position. On March 14, 2005, he succeeded Maurice R. Greenberg as CEO following Greenberg’s departure amid an accounting controversy. His leadership received commendations; Frank Zarb, then-chairman of the executive committee, highlighted Sullivan’s comprehensive knowledge of AIG’s domestic and international operations.
During his tenure as CEO, Sullivan focused on addressing regulatory challenges inherited from his predecessor, culminating in a $1.6 billion settlement with New York Attorney General Eliot Spitzer announced on February 9, 2006—an essential milestone for AIG’s regulatory compliance efforts. He also oversaw necessary financial restatements tied to these regulatory matters. Sullivan was succeeded by Robert B. Willumstad as CEO on June 15, 2008.
On October 7, 2008, Sullivan appeared before the United States House Committee on Oversight and Government Reform to discuss the factors leading to and consequences of AIG’s government bailout.
Compensation Controversy
Following concerns raised by then-New York Attorney General Andrew Cuomo, AIG withheld Sullivan’s severance package payments. As reported by USA Today, between 2005 and 2007 Sullivan received $25.4 million in compensation beyond severance, which included $322,000 for private corporate jet usage, $153,000 for automobile and parking expenses, $160,000 for home security services, and $41,000 allocated to financial planning.
The New York State attorney general’s office launched an investigation into AIG’s executive spending after the U.S. government extended an initial $85 billion bailout. Cuomo described these expenditures as "unwarranted and outrageous," specifically criticizing multimillion-dollar payouts to Sullivan and Joseph J. Cassano—the latter overseeing the division responsible for losses that nearly brought down the company. AIG agreed to cooperate in efforts to reclaim those funds.
Philanthropy, Honors, and Professional Memberships
In January 2007, Sullivan contributed £50,000 to Sydney Russell School in Dagenham, Essex, attributing much of his achievement to his education there; he had attended one of its predecessor institutions prior to its merger into Sydney Russell around 1990.
His professional credentials include associate membership of the Chartered Insurance Institute, fellowship with the Institute of Leadership & Management, membership in the Chartered Management Institute, directorship at the International Insurance Society, and past chairmanship of The Geneva Association. He participates on advisory boards such as St. George's Society and The British Memorial Garden Trust and holds board positions with Episcopal Charities of New York and American Associates of the Royal Academy Trust. Sullivan has served as president of British American Business Inc., as well as director roles with Young Audiences Inc. and Friends of London Youth Inc.
Among his accolades are The American Ireland Fund Leadership Award (May 2007), The International Center in New York's Award of Excellence, and his appointment as Officer of the Order of the British Empire during the 2007 Birthday Honours recognizing his contributions to British business interests.
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