It has been confirmed that Maurice “Hank” Greenberg has stepped down as chief executive of the world's most powerful insurance company AIG.
Increasing speculation about AIG's involvement in the New York attorney general's investigation into contingent commissions is reported to have forced the management shake up and 79-year-old Greenberg's retirement.
The latest probe comes after AIG paid US authorities $126m (£67m) to settle an accounting investigation.
Greenberg will be replaced by Martin Sullivan, formerly co-chief operating officer.
The leaked departure hit AIG shares which were down by 1.33% after share trading closed in New York yesterday.
AIG's chief financial officer Howard Smith will also be replaced by Steven Besinger.
