The Goldman Sachs Group said that Edward M. Liddy resigned as a member of its board of directors in light of his new role as chairman and CEO of American International Group.
Liddy, who retired as CEO from Allstate last spring, replaced Robert Willumstad at the helm of AIG amid the U.S. government’s $85 billion loan to secure the global insurance. In exchange for the loan, the U.S. government now has a 79.9 percent equity stake in AIG.
Liddy had been a director of Goldman Sachssince June 2003. During that time, he served as chairman of the audit committee and as a member of the corporate governance and nominating committee and the compensation committee.
“Ed has played an invaluable role on our board over the last five years,” said Lloyd C. Blankfein, Chairman and CEO of The Goldman Sachs Group. “His judgment, financial acumen and deep interest in the culture of our firm have benefited our people and our shareholders. While we are sorry he can no longer serve on our board, we are proud that Ed is taking on such an important responsibility during this critical time.”