Expecting a near $3 billion loss for Q2, chief financial officer Erin Callan has been shifted from her office to a senior management role in its investment banking division. She had only been in the job less than a year and will be replaced by Ian Lowitt, who will retain the job of co-chief administrative officer.
The companys president and chief operating officer, Joseph Gregory, will also step down but will remain at the bank in an undisclosed capacity. He is to be replaced by Herbert McDade.
NorthgateArinso make five appointments
The global human resources software and services provider, NorthgateArinso, has appointed Alain Dehon as finance director for EMEA, strengthening its finance team.
It has also chosen Luc Bossaert, formerly executive vice-president business consulting at ARINSO International, as executive vice-president for HR business development. Michael Custers becomes vice-president for global marketing at NorthgateArinso.
Jacco van Bennekom has been appointed marketing director for the EMEA region while in the UK, the company has appointed Nick Carlson as the new strategic marketing director.
Director general named as new head of national school
Rod Clark, who served as director general - strategy at the Ministry of Justice (MoJ) and the Department for Constitutional Affairs, has been named as the new principal and chief executive of the National School of Government. He has been on secondment to PA Consulting.
World Bank finance chief joins CIPFA
Tony Hegarty, the chief financial management officer at the World Bank, has been made a CIPFA member. Hegarty formally received his membership at the accountancy bodys annual conference in Brighton.
Hegarty, who is Head of the World Banks financial management sector board, has been with the Bank since 1997. He holds a number of eminent positions including the role of co-chair to the OECD-development assistance committee joint venture on public financial management and chair of the multilateral development banks financial management harmonisation working group.
AIG replaces CEO after subprime losses mount
US insurance firm American International Group (AIG) has replaced its chief executive officer, Martin Sullivan, after reporting billions in losses caused by turbulent credit market conditions. AIG chairman Robert Willumstad will assume the additional position of chief executive officer, replacing Sullivan, who had been in the role since March 2005. Willumstad has been chairman of the board of AIG since November 2006.