AIG Announces CEO Transition Plan

AIG press release ------- 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.” To get more in depth information click on the picture below to read the article.