So long Liddy, we hardly knew ye

Edward Liddy, Chairman and CEO of embattled insurance company AIG (AIG), has announced his intention to step down as soon as the board of directors can find his replacement. This follows the nomination of six new directors who will run for election at the company's June 30 board meeting.

Liddy has stated that, as AIG's board is being reconfigured, the company needs to bring in a more permanent leadership team. He has also suggested that the roles of Chairman and CEO be separated, presumably to diffuse power at the head of the company.