UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 10, 2015
AMERICAN INTERNATIONAL GROUP, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 1-8787 | 13-2592361 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
175 Water Street
New York, New York 10038
(Address of principal executive offices)
Registrant’s telephone number, including area code: (212) 770-7000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 5 — Corporate Governance and Management
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 10, 2015, American International Group, Inc. (“AIG”) issued a press release announcing the formation of a new Executive Leadership Team. John Q. Doyle, currently Executive Vice President – Commercial, will be leaving AIG after a period of transition. Also as part of the new leadership structure, Siddhartha Sankaran, Executive Vice President and Chief Risk Officer, will succeed David L. Herzog as Executive Vice President and Chief Financial Officer in the first quarter of 2016 following the filing of AIG’s Annual Report on Form 10-K, on a date to be determined. Information with respect to Mr. Sankaran required by Items 401(b), (d) and (e) of Regulation S-K is contained in AIG’s 2015 Definitive Proxy Statement on Schedule 14A, dated March 30, 2015 (File No. 1-8787), and is incorporated by reference into this Current Report on Form 8-K. Mr. Sankaran has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Section 8 — Other Events
| Item 8.01. | Other Events. |
A copy of the press release, dated December 10, 2015, which announces the formation of the new Executive Leadership Team, is attached hereto as Exhibit 99.1 and is incorporated into this Item 8.01 by reference.
Section 9 — Financial Statements and Exhibits
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit 99.1 | Press release dated December 10, 2015 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN INTERNATIONAL GROUP, INC. | ||||
| (Registrant) | ||||
| Date: December 10, 2015 | By: | /s/ James J. Killerlane III | ||
| Name: | James J. Killerlane III | |||
| Title: | Associate General Counsel and Assistant Secretary | |||
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EXHIBIT INDEX
| Exhibit No. |
Description | |
| Exhibit 99.1 | Press release dated December 10, 2015 | |
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Exhibit 99.1
|
FOR IMMEDIATE RELEASE |
| Press Release AIG 175 Water Street New York, NY 10038 www.aig.com |
Contact: | |
| Liz Werner (Investors): 212-770-7074; elizabeth.werner@aig.com | ||
| Jon Diat (Media): 212-770-3505; jon.diat@aig.com | ||
| Jennifer Hendricks Sullivan (Media): 212-770-3141; jennifer.sullivan@aig.com | ||
|
AIG ANNOUNCES NEW EXECUTIVE LEADERSHIP TEAM
NEW YORK, December 10, 2015 – American International Group, Inc. (NYSE:AIG) announced today the formation of a new Executive Leadership Team, designed to execute AIG’s strategic priorities and provide value to its approximately 90 million clients around the world.
“Our new management structure will ensure we have strong end-to-end accountability within the customer segments, so we can transform into a more efficient, less complex organization with accelerated decision-making in response to our clients’ needs,” said Peter D. Hancock, AIG President and Chief Executive Officer. “We are moving forward with a continued sense of urgency on our four strategic priorities: narrowing our focus on clients, products, and geographies where we can grow profitably; driving for efficiency; growing through innovation, and optimizing our data assets and client relationships; and returning excess capital to shareholders.
“The Executive Leadership team is a dynamic, highly skilled group of executives, with deep experience in successful execution,” added Mr. Hancock.
Reporting to Mr. Hancock on the Executive Leadership Team will be the following individuals:
• Douglas Dachille – Chief Investment Officer. Doug will oversee the Science function, and Murli Buluswar, Chief Science Officer, will report to him.
• Philip Fasano – Chief Information Officer.
• Martha Gallo – Chief Auditor. Martha will continue to report both to the Board’s Audit Committee and to Mr. Hancock.
• Kevin Hogan – CEO of Consumer. The Japan operations and the Consumer Claims organization will report to Kevin.
• Jeffrey Hurd – Executive Vice President – Transformation, Human Resources, and Administration.
• Seraina Maag – CEO of Regional Management & Operations. The Regional CEO & President roles (Americas, EMEA, and Asia Pacific) will be consolidated into one role with oversight of country management. Seraina will also assume oversight of Operations. |
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FOR IMMEDIATE RELEASE |
| • Thomas Russo – General Counsel – Legal, Compliance, Regulatory Affairs, and Government Affairs | ||
| • Sid Sankaran – Chief Financial Officer. Sid will maintain oversight of Enterprise Risk Management. Alessa Quane will become Chief Risk Officer and will continue in the role of Chief Corporate Actuary, reporting both to Sid and to the Board’s Risk and Capital Committee. | ||
| • Robert Schimek – CEO of Commercial. The UK operations and the Commercial Claims organization will report to Rob. | ||
| • Brian Schreiber – Chief Strategy Officer, and Head of Corporate Marketing and Communications. | ||
| David Herzog will continue as Chief Financial Officer through the filing of AIG’s 2015 Form 10-K. Sid Sankaran will continue as Chief Risk Officer until he becomes Chief Financial Officer (at which time Alessa Quane will become Chief Risk Officer and continue in the role of Chief Corporate Actuary). All other Executive Leadership Team appointments are effective immediately. David Herzog, John Doyle, Jose Hernandez, and Eric Martinez will leave the company after a period of transition. | ||
| “Several of our senior leaders will depart the company,” said Mr. Hancock. “I am grateful for their years of distinguished service. Their leadership has been invaluable in positioning AIG for long-term growth and sustainable profitability.” | ||
| # # # | ||
| American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. 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 | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig | ||
| 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. | ||
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