Robert B. Willumstad

Robert B. "Bob" Willumstad
Born	(1945-08-22) August 22, 1945 Brooklyn, New York, U.S.
Occupation	Business executive
Years active	1998–2008
Known for	Former chairman and CEO of American International Group (AIG)

Robert B. "Bob" Willumstad is a former chairman and CEO of American International Group (AIG).

Born on August 22, 1945, in Brooklyn, he was raised in Elmont on Long Island and earned his degree from Adelphi University. He and his wife Carol reside in New York City, where they have two grown daughters and three grandchildren.

Willumstad was instrumental in the 1998 merger between Travelers Group and Citicorp under the leadership of Sanford I. Weill. Between 2000 and 2003, he held the positions of chairman and CEO of Citigroup's Global Consumer Group. In 2002, he was appointed President of Citigroup, and in 2003 he took on the role of Chief Operating Officer while maintaining his responsibilities as CEO and President of Citibank North America. Although he led Citigroup's largest division, reports indicate that the CEO role went to Charles Prince instead.

In July 2005, Willumstad departed from Citigroup, aiming to assume leadership at another major corporation after CEO Charles Prince returned to direct operational duties.

Together with partner Marjorie Magner, he launched Brysam Global Partners in 2007, a private equity firm specializing in investments within the financial services sector.

Following the resignation of Maurice R. Greenberg, Willumstad chaired AIG’s board from 2006 until 2008. On June 15, 2008, amid significant corporate challenges, he succeeded Martin J. Sullivan as CEO. One of his key efforts involved repairing ties with Greenberg. However, in September 2008, Edward M. Liddy took over to oversee AIG’s government-supported asset disposition. Willumstad refused a $22 million severance package despite his short tenure during which AIG’s stock price plummeted by 97%, largely due to preexisting financial difficulties.

On October 7, 2008, he provided testimony before the United States House Committee on Oversight and Government Reform addressing the origins and consequences of AIG’s bailout.