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AIG replaces CFO Lyons with shared services head Fitzsimons

AIG logo NY with Fitzsimons.jpg

AIG has named Shane Fitzsimons executive vice president and CFO, it announced on Monday, with current finance chief Mark Lyons returning to the global chief actuary role while also being named head of portfolio management.

Lyons and Fitzsimons will both continue reporting to AIG president and CEO Peter Zaffino and remain members of AIG’s executive leadership team, with the new appointments becoming effective January 1, 2022.

Commenting on the moves, Zaffino said: “Mark is one of the most accomplished and respected actuaries and business executives in our industry. Serving in this new role will further strengthen our focus on high-quality underwriting excellence and portfolio positioning, which underpins AIG’s overall growth strategy.”

“Shane is a seasoned finance and operations executive with a strong track record of success. His leadership and core capabilities accelerated the execution of AIG 200 during the global pandemic and established a strong foundation as we continue to instill a culture of operational excellence across AIG.”

Lyons re-joined AIG three years ago, first as chief actuary and then moving into the CFO post within six months of joining. Between 2002 and 2018, he worked at Bermuda-based Arch Capital, holding senior posts within its insurance business before being named group CFO in 2012.

AIG also announced on Monday that Elias Habayeb, currently CFO for general insurance and deputy chief CFO for AIG, has been named CFO for AIG’s life and retirement (L&R) business, effective immediately.

Habayeb is replacing current L&R CFO Tom Diemer, who is leaving the company to pursue “other opportunities”.

“Elias as has an extensive and accomplished financial and insurance background, as well as deep knowledge of all of AIG’s businesses, including our life and retirement and investments businesses,” Zaffino said.

“He will be an exceptional public company CFO and provide the life and retirement executive leadership team with significant expertise, insight and financial acumen as they move toward an initial public offering,” he added.

Further, Elaine Rocha, currently global COO for reinsurance, has been promoted to global chief investment officer for AIG, effective immediately. She will report to Lyons and will transition to reporting to Fitzsimons in January 2022. Rocha will lead the investments unit that will remain with AIG.

Finally, AIG also announced that Aon’s Ted Devine will join AIG as global head of AIG 200, reporting to Zaffino. Devine has been advising AIG on its AIG 200 effort since 2019, focusing on technology delivery and user experience.

In his new role, Devine will oversee and drive continued momentum across AIG 200 as the company modernizes its infrastructure.

The senior leadership reshuffling is the latest shake-up ahead of the company’s planned public listing of its L&R unit next year.

In July, the company struck a deal to sell a 9.9% stake in its L&R business to asset manager The Blackstone Group, in addition to establishing an asset management relationship.

The company made three major announcements all once a year ago, including that it would be splitting up its P&C and L&R divisions and that industry veteran and group president Zaffino would take over as CEO on March 1 of this year.

Earlier this year, Zaffino was tapped to become chairman of AIG’s board of directors in the new year.

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