AIG Names Thomas Russo GC
Russo says he takes on the position without preconceptions.
March 07, 2010 at 07:00 PM
4 minute read
The original version of this story was published on Law.com
American International Group Inc. (AIG) named Thomas Russo general counsel Feb. 2, filling the spot left by Anastasia Kelly. Russo was chief legal officer at Lehman Bros. from 1993 through its bankruptcy in 2008. He left Lehman at the end of 2008 and had served as senior counsel at Patton Boggs in New York since spring 2009. Reports surfaced in mid-January that AIG was pursuing him for its top legal spot.
At AIG Russo will handle legal, compliance, and regulatory and government affairs, which should keep him occupied.
Former GC Kelly left the company in December 2009 with a hefty severance package rather than take a government-imposed salary cut mandated under the Troubled Asset Relief Program (TARP). Suzanne Folsom, chief compliance and regulatory officer, also left the company in December.
The same week AIG announced Russo's appointment, the Washington Post reported the company would begin paying out $100 million in employee bonuses–even as it continues repaying the government for $20 million in bonuses on top of the $19 million it repaid last year.
At press time, Russo was in a two-week transition period, deepening his understanding of AIG and going in without preconceptions. “I don't want to prejudice my thoughts in any way prior to listening to AIG's employees,” Russo said. “It's a mistake to do that, because what do I know? It's tabula rasa.”
Read more from our conversation with Russo in the April issue of InsideCounsel, coming soon.
At AIG Russo will handle legal, compliance, and regulatory and government affairs, which should keep him occupied.
Former GC Kelly left the company in December 2009 with a hefty severance package rather than take a government-imposed salary cut mandated under the Troubled Asset Relief Program (TARP). Suzanne Folsom, chief compliance and regulatory officer, also left the company in December.
The same week AIG announced Russo's appointment, the
At press time, Russo was in a two-week transition period, deepening his understanding of AIG and going in without preconceptions. “I don't want to prejudice my thoughts in any way prior to listening to AIG's employees,” Russo said. “It's a mistake to do that, because what do I know? It's tabula rasa.”
Read more from our conversation with Russo in the April issue of InsideCounsel, coming soon.
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