Russo was offered the job at AIG earlier this month. He arrived at Patton Boggs following Lehman’s bankruptcy in 2008. AIG was saved from collapse by a $180 billion bailout from the federal government.
“I am excited to participate in a process at AIG to both repay the funds owed the U.S. taxpayers and to continue to have a company in which all employees and stakeholders will be proud,” Russo said in a statement.
AIG is an insurance and financial services provider with operations in 130 countries and jurisdictions.