American International Group, Inc. announced the formation of a new Executive Leadership Team, designed to execute the company’s strategic priorities and provide value to its approximately 90 million clients around the world.
“Our new management structure will ensure we have strong end-to-end accountability within the customer segments, so we can transform into a more efficient, less complex organization with accelerated decision-making in response to our clients’ needs,” said Peter D. Hancock, AIG president and chief executive officer. “We are moving forward with a continued sense of urgency on our four strategic priorities: narrowing our focus on clients, products, and geographies where we can grow profitably; driving for efficiency; growing through innovation, and optimizing our data assets and client relationships; and returning excess capital to shareholders.
Reporting to Mr. Hancock on the Executive Leadership Team will be the following individuals:
- Douglas Dachille – chief investment officer, he will oversee the Science function, and Murli Buluswar, chief science officer, will report to him.
- Philip Fasano – chief information officer.
- Martha Gallo – chief auditor, she will continue to report both to the Board’s Audit Committee and to Hancock.
- Kevin Hogan – CEO of Consumer. The Japan operations and the Consumer Claims organization will report to Hogan.
- Jeffrey Hurd – executive vice president – Transformation, Human Resources, and Administration.
- Seraina Maag – CEO of Regional Management & Operations. The regional CEO & president roles (Americas, EMEA, and Asia Pacific) will be consolidated into one role with oversight of country management. Maag will also assume oversight of Operations.
- Thomas Russo – general counsel – Legal, Compliance, Regulatory Affairs, and Government Affairs.
- Sid Sankaran – chief financial officer, he will maintain oversight of Enterprise Risk Management. Alessa Quane will become chief risk officer and will continue in the role of chief corporate actuary, reporting both to Sankaran and to the Board’s Risk and Capital Committee.
- Robert Schimek – CEO of Commercial. The UK operations and the Commercial Claims organization will report to Schimek.
- Brian Schreiber – chief strategy officer, and head of Corporate Marketing and Communications.
David Herzog will continue as chief financial officer through the filing of AIG’s 2015 Form 10-K. Sankaran will continue as chief risk officer until he becomes chief financial officer (at which time Alessa Quane will become chief risk officer and continue in the role of chief corporate actuary). All other Executive Leadership Team appointments are effective immediately. David Herzog, John Doyle, Jose Hernandez, and Eric Martinez will leave the company after a period of transition.
“Several of our senior leaders will depart the company,” said Mr. Hancock. “I am grateful for their years of distinguished service. Their leadership has been invaluable in positioning AIG for long-term growth and sustainable profitability.”
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