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AIG’s Zaffino to assume additional role of chairman

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AIG president and CEO Peter Zaffino will assume the additional role of chairman of the board, effective 1 January 2022, as the chief executive continues to spearhead a major transformation plan.

It was earlier announced that Brian Duperreault, the previous CEO and current executive chairman, will vacate his role on the board at the end of 2021.

Duperreault will, however, stay on after December 31 in a non-executive role until the end of 2022.

Doug Steenland, lead independent director at the carrier, said: “The AIG board of directors has great confidence in Peter’s ability to continue executing on AIG’s transformation and growth strategy designed to create long-term, sustainable value.

“Peter’s transition into the CEO role in March 2021 was seamless and the company is performing exceptionally well.”

Zaffino said: “I am grateful for the support of our board of directors, the strength and many contributions of our executive team, and the hard work and dedication of our colleagues across the globe.”

The announcement comes not long after AIG’s most recent quarterly results showed the carrier was booking underwriting profits, improving core loss ratios and delivering comfortable double-digit growth.

One of Zaffino’s initial strategic priorities remains the separation of AIG’s life and retirement (L&R) business.

He previously announced that an IPO of the L&R business could be completed in the first quarter of next year.

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