American International Group (AIG: 1.65 -0.60%) this week picked Eric Martinez Jr. to take over the CEO position at the firm’s United Guaranty Corp., a mortgage guaranty insurance provider.
He replaces William Nutt, whose reasons for leaving the company were not disclosed before this story went to press.
In his months since joining AIG in January, Martinez negotiated the disposition of several properties, including AIG’s prime real estate holding in Japan for $1.2bn. He previously served in executive roles at Safeco and AGL Resources, an insurance provider and energy services company, respectively.
Martinez’s new role will place him at the helm of AIG’s financial services businesses just as the company faces continuing political and public criticism over its damaging financial products division.
The chief restructuring officer at AIG, Paula Rosput Reynolds, in a media statement described Martinez as well-suited for the challenge of developing a strategy for United Guaranty in the face of AIG’s ongoing realignment.
In the latest loss to the company’s stability, chairman and CEO Edward Liddy said in May he would leave the company as soon as a replacement can be found.