[1] Some suggested that he had been passed over for CEO in favour of Charles Prince, despite being in charge of Citi's largest business.
[2][3] Willumstad left Citigroup in July 2005, saying that he wanted to run a major company, after CEO Charles Prince decided to take back control of operations.
[6] In September 2008, Edward M. Liddy succeeded [7] Willumstad to oversee the company's government-financed asset sale.
AIG's stock price declined 97% during his short tenure due to preexisting company conditions.
[citation needed] On October 7, 2008, Willumstad testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding the causes and effects of the bailout of AIG.