AIG announces new leadership; Wintrob and Cowan to retire

AIG announces new leadership; Wintrob and Cowan to retire

AIG has unveiled its new leadership team which will be working under new president and chief executive (CEO) Peter Hancock.

One big name who is set to leave the company is Jay Wintrob, president and CEO of AIG LIfe & Retirement, and once thought to be the heir apparent to Bob Benmosche. Also leaving after five years with the insurer is Michael Cowan, EVP and chief administrative officer at AIG.

Hancock said that his new team would set out to consolidate the business under a single brand.

“There is one business and it’s AIG,” said Hancock as he announced the appointments. “We need to focus as a leadership team on fundamental priorities and ensure that we execute against those priorities in the most disciplined way possible. While we have made enormous strides in improving the way we balance growth, profitability, and risk, we have more to do.

“Stated simply, we are steadfastly working toward the goal of One AIG. We are committed to having the strongest balance sheet in the industry, recognizing that we have learned that a federated business model exposes us to the weakest link in the chain. As a unified, global business, I firmly believe that this ensures we apply a comprehensive enterprise set of standards that keeps our risk appetite well within the capacity of our $100bn capital base.

“Our leadership team through both its composition and its operating practices will be focused on making sure that we develop and execute clear strategies to continue to earn high value business, lower our expenses, devote capital to the right opportunities, and advance trust in AIG with all of our stakeholders.”

On Hancock’s new leadership team includes:

· Murli Buluswar, chief science officer;

· William Dooley, investments;

· John Doyle, commercial: including global capabilities such as property; casualty; financial lines; specialty lines; institutional markets; and mortgage guaranty;

· Philip Fasano, chief information officer;

· Jose Hernandez, Asia Pacific: representing 16 countries and jurisdictions;

· David Herzog, chief financial officer;

· Kevin Hogan, consumer: including accident and health; personal lines; life insurance; retirement income solutions, including variable, fixed, and indexed annuities; group benefits; group retirement; and retail mutual funds;

· Jeffrey Hurd, human resources, communications, and administration;

· Seraina Maag, Europe, Middle East, and Africa: representing 47 countries;

· Eric Martinez, claims and operations;

· Thomas Russo, general counsel;

· Sid Sankaran, chief risk officer;

· Robert Schimek, Americas: representing 29 countries and jurisdictions.

Earlier in the day AIG announced that long serving executive Jay Wintrob and Michael Cowan were to retire from teh company.

“I would like to extend my sincere gratitude and appreciation to Jay,” said Hancock. “He has played an instrumental role in AIG’s success. Under his leadership, AIG’s life and retirement businesses have consistently been top performers, Jay leaves behind a strong leadership team and businesses that are well-positioned for the future. Along with everyone else at AIG, I am incredibly thankful for his contributions and wish him continued success.”

“I also would like to thank Mike for his dedication and professionalism as AIG’s CAO since he joined the firm in 2010. He has been an asset to the company, and we are grateful for all that he accomplished while at AIG. We wish him well in his retirement,” Hancock added.

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