LONDON (ShareCast) - The new boss of American International Group (AIG) has said all parts of the business are under review as he starts work on a turnaround plan for the embattled US insurance giant.

Robert Willumstead, the chairman of AIG and formerly president and chief operating officer of Citigroup, succeeded Martin Sullivan as chief executive officer in a boardroom coup over the week-end.

Willumstead has pledged to perform a thorough review of AIG’s businesses and to have a turnaround plan finalised by September 2008.

Willumstead said “nothing is off the table” in terms of changes to the business. “If there are businesses that are hampered in terms of their growth, or strategically we're not as competitive in some areas, we'll take a hard look,'' he said.

The change of chief executive officer came just a few weeks after Willumstead offered his support for Sullivan at the company’s Annual General Meeting.

Englishman Sullivan became the latest in a long line of high-profile sackings that has included the bosses of Citigroup, Merrill Lynch and Wachovia, all of whom have seen their fortunes plummet as a result of the collapse of the US sub-prime mortgage market.

AIG recorded record losses of $13bn over the last two quarters, and has announced plans to raise $20bn in new capital. Additionally, the company is facing a probe from the Securities & Exchange Commission into whether the company overstate the value of its credit default swaps.

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