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Dagenham high-flier steps down

PUBLISHED: 14:51 19 June 2008 | UPDATED: 10:31 11 August 2010

FORMER Dagenham lad and multi-millionaire, Martin Sullivan, was pressured out of his high powered job by worried shareholders this week. Mr Sullivan, 53, was chief executive of the American International Group (AIG) a massive US insurance company worth bi

FORMER Dagenham lad and multi-millionaire, Martin Sullivan, was pressured out of his high powered job by worried shareholders this week.

Mr Sullivan, 53, was chief executive of the American International Group (AIG) a massive US insurance company worth billions of pounds.

But he stepped down from his position after calls for his resignation over losses of £15.4billion during recent months.

Mr Sullivan resigned ahead of an emergency board meeting; it is believed he will walk away with a severance package of around £18million.

Born in Stepney and raised in Dagenham, Martin Sullivan is an avid Tottenham Hotspur supporter although AIG famously sponsored Manchester United.

Even though he was a powerful tycoon Mr Sullivan never forgot his roots, last year he donated £50,000 to his old secondary school - Sydney Russell.

He began working at AIG as a young clerk at the age of 17 and continued with the company for 36 years.

Mr Sullivan rose through the ranks quickly, in 1993 he became managing director of AIG Europe and in 2002 he joined the main board of company directors.

The multinational insurer which is based in New York appointed AIG chairman and chief operating officer, Robert Willunstad, to take over as chief executive.


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