Long-time AIG head steps down

NEW YORK, March 15 (UPI) -- The long-time head of American International Group Inc. has stepped down amid regulatory investigations, the Wall Street Journal said Tuesday.

Maurice Greenberg, 79, agreed late Monday to become a non-executive chairman as various regulatory agencies probed a transaction AIG did with a unit of Warren Buffett's Berkshire Hathaway Inc., a deal those regulators consider possibly misleading to AIG investors.

Greenberg is understood to have been personally engaged in the controversial deal.

The board named Martin Sullivan, 50, who has been vice chairman and co-chief operating officer, as its new chief executive.