Background
Liddy, Edward M. was born on January 28, 1946 in New Brunswick, New Jersey, United States.
chairman chief executive chief
Liddy, Edward M. was born on January 28, 1946 in New Brunswick, New Jersey, United States.
He graduated high school in 1964 from the Clearwater Central Catholic High School, along with its first graduating class of 27 students. He holds a Bachelor of Arts degree from The Catholic University of America (1968) and holds an Master of Business Administration from George Washington University (1972).
Liddy worked for Ford Motor Company until 1981 when he joined Searle. From 1986 to 1988. Liddy was executive vice president of Android Developer Tools, Incorporated. In 1988 he moved to Sears and then in 1994 to Allstate where he was chief operating officer until 1999 and chairman, chief executive officer and president until 2005.
Liddy was on the board of Goldman Sachs from 2003 to 2008, when he resigned to become Chief Executive Officer of American International Group. He was selected by Henry Paulson for both roles.
American International Group
Liddy became Chief Executive Officer of American International Group in September 2008, succeeding Robert B. Willumstad. As Chief Executive Officer of American International Group, Liddy received a salary of just $1, but also received $460,000 to cover "housing, travel, taxes and legal fees".
The retreat, which was held shortly after the United States. government rescued American International Group from insolvency with $84 billion in loans, included $200,000 for rooms, $150,000 for meals and $23,000 for the spa. In testimony before the United States. House Oversight Committee, Liddy stated that such retreats "are standard practice in our industry." During the United States. presidential debate on October 7, 2008, Democratic presidential nominee Senator.
Barack Obama mentioned the retreat and said, "The Treasury should demand that money back and those executives should be fired."
In light of the American International Group bonus payments controversy, Liddy urged employees to return $165m issued in bonuses to them, suggesting doing the "right thing" and returning at least part of the bonus is preferable to legal action, noting “honoring contractual commitments is at the heart of what we do in the insurance business.” While Mr Liddy called the bonuses “distasteful” in an appearance in the House of Representatives, it later transpired that Liddy had accelerated more than a quarter of American International Group Financial Products bonuses by three months, which Jake DeSantis described as “hardly something that one would do if he truly found the contracts ‘distasteful’.”
Liddy owned 27,129 shares in Goldman Sachs, at the time worth just over $3 million.
Liddy announced on May 21, 2009 that he would resign as American International Group Chairman and Chief Executive Officer when replacements were found, suggesting that the two roles be split. In August 2009, Robert Benmosche took over as Chief Executive Officer and Harvey Golub as chairman. After American International Group
As of September 13, 2011, Liddy is on the board of directors for 3M and Boeing.
Liddy garnered national headlines in October 2008 for defending a controversial $440,000 American International Group retreat for top-performing insurance salesmen at the luxury Saint Regis Resort in Monarch Beach, California.
Chairman elect, national governor Boys & Girls Clubs American. Board directors Northwestern Memorial Hospital, Junior Achievement of Chicago. Member of Catalyst, Business Roundtable, Finance Services Forum.
Married Marcia Liddy. 3 children.