Sullivan Resigns from Transatlantic Holdings Board

Former American International Group chief executive Martin Sullivan is on the move again, resigning from the board of Transatlantic Holdings.

Sullivan, who served as chairman, will be replaced on an interim basis by Robert Orlich, the president and CEO of Transatlantic Holdings. AIG owns approximately 60 percent of Transatlantic and has often maintained several seats on Transatlantic's board.

Sullivan, who received a compensation package from AIG to the tune of $47 million, resigned June 15, forced out by the board, after AIG recorded a $7.8 billion first-quarter loss.

Transatlantic is a New York-based reinsurer.