AIG names CEO Zaffino as chairman By Reuters

0
25
© Reuters. FILE PHOTO: The AIG logo is seen at its building in New York’s financial district March 19, 2015. REUTERS/Brendan McDermid//File Photo

(Reuters) -American International Group said on Wednesday Chief Executive Officer Peter Zaffino would take on the additional role of board chairman from next year, replacing Brian Duperreault.

Zaffino became AIG (NYSE:)’s seventh CEO since 2005 in October last year when the insurer, among the top 10 U.S. carriers by market value, approved a plan to separate the life and retirement business from the rest of the company.

Zaffino joined AIG as the global chief operating officer in 2017 and was the point man to execute goals set by Duperreault as part of a turnaround plan launched by him when he took charge of AIG in the same year.

Duperreault will retire from the board at the end of 2021.

“Peter’s transition into the CEO role in March 2021 was seamless and the company is performing exceptionally well,” said Doug Steenland, lead independent director.

The change at the top comes as AIG plans to use an initial public offering to sell part of its life and retirement business, in which Blackstone Group (NYSE:) has agreed to buy a sizeable stake.

The insurer beat second-quarter profit estimates last month, with global insurers seeing a fall in coronavirus-related claims due to vaccinations.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.