updated 3/14/2005 10:44:48 PM ET 2005-03-15T03:44:48

American International Group Inc. on Monday replaced Maurice “Hank” Greenberg as chief executive amid concern over a rising number of regulatory inquiries at the financial services titan he built over nearly four decades. Greenberg, 79, will continue as non-executive chairman, the company said in a statement late Monday.

The company named Martin J. Sullivan, 50, its co-chief operating officer and vice chairman, as chief executive.

“As a result of Hank’s leadership, AIG today is the largest and best capitalized insurance and financial services organization in the world,” independent board member Frank Zarb said in the statement, which did not quote Greenberg. “However, the board has concluded it is now in the best interest of AIG’s shareholders, customers and employees to turn to a new generation of leadership, and we are pleased that Hank Greenberg will assist in the transition.”

AIG also said its annual report, which was to be filed on Wednesday, would be delayed because of the management shakeup and internal accounting review. That review is not expected to “result in significant changes to the company’s financial position,” according to the statement.

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