NEW YORK--(BUSINESS WIRE)--Mar. 9, 2017--
American International Group (NYSE: AIG) said today that Peter D.
Hancock, President and Chief Executive Officer, has informed the Board
of Directors of his intention to resign. As part of the transition plan,
Mr. Hancock will remain as CEO until a successor has been named. The
Board of Directors will conduct a comprehensive search for a successor
to Mr. Hancock.
Douglas M. Steenland, AIG’s Chairman of the Board, said, “Peter’s
accomplishments at AIG, including his role in the company’s turnaround
and in driving shareholder value, are immeasurable. He tackled the
company’s most complex issues, including the repayment of AIG’s
obligations to the U.S. Treasury in full and with a profit, and is
leaving AIG as a strong, focused and profitable insurance company. The
Board thanks Peter for his many contributions.”
Mr. Steenland continued, “As CEO, Peter developed the two-year strategic
plan announced in January 2016. The Board believes strongly that this is
the right plan and remains committed to the financial targets and
objectives we’ve announced. The Board recognizes the value of the
combined strength of AIG’s Consumer and Commercial franchise, and the
capability of this management team.”
“It has been an incredible privilege and honor to run this great company
and work with the many talented colleagues who serve the needs of their
clients every day,” said Mr. Hancock. “I’m extremely proud of our
organization and the steps we have taken to position the company for
success long into the future. We are on course to deliver higher
quality, more sustainable earnings and have dramatically reduced reserve
risk. The Board and I are confident in the ability of this team to
continue to execute our strategic plan and deliver strong results.”
Mr. Hancock added, “I believe this is the right decision to make for the
company and all its stakeholders. Without wholehearted shareholder
support for my continued leadership, a protracted period of uncertainty
could undermine the progress we have made and damage the interests of
our policyholders, employees, regulators, debtholders, and shareholders.”
Mr. Hancock was named President and Chief Executive Officer of AIG in
September, 2014, when he was also elected to the AIG Board of Directors.
Previously, Mr. Hancock served as CEO of AIG Property Casualty. He
joined AIG in 2010 as Executive Vice President, Finance, Risk, and
Investments.
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today AIG member companies provide a wide
range of property casualty insurance, life insurance, retirement
products, and other financial services to customers in more than 80
countries and jurisdictions. These diverse offerings include products
and services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
and www.aig.com/strategyupdate
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds, and insureds are
therefore not protected by such funds.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170309005637/en/
Source: American International Group
American International Group
Investors:
Liz Werner,
212-770-7074
elizabeth.werner@aig.com
or
Media:
Jon
M. Diat, 212-770-3505
jon.diat@aig.com