AIG CEO Peter Zaffino to Step Down in June and Become Executive Chairman

Peter Zaffino, the chief executive of American International Group, will step down as CEO in June and assume the role of executive chairman, the company announced, a move that sent the insurer’s shares tumbling nearly 8 percent on Tuesday and rattled analysts and investors. AIG said Eric Andersen will join the company in February as interim chief executive, reporting to Mr.

Zaffino, and will formally assume the chief executive role after June 1. The company said Mr. Andersen was selected in "alignment with the company’s comprehensive multiyear succession planning process." John Rice, the lead independent director of AIG, called Mr. Andersen "a deeply experienced and widely respected leader, known across the insurance industry for his integrity, strategic vision, and proven ability to drive shareholder value." Mr.

Zaffino, who is widely credited with helping turn around AIG’s underwriting business, said in the company statement: "We have returned AIG to vastly improved profitability, significantly strengthened our balance sheet, and built tremendous financial flexibility." The announcement was described as the latest in a series of executive upheavals at AIG, a $42 billion company with a client list that includes billionaires, banks and behemoths of the global financial markets.

Key Topics

Business, American International Group, Peter Zaffino, Eric Andersen, John Rice, Aon