collected by :John Locas
File photo taken in 2013 shows AIG logo at the insurance giant’s New York City headquarters offices in Manhattan’s financial district.
AIG said Thursday that CEO Peter Hancock, appointed less than three years ago, will remain as the company’s chief executive until a successor is found.
(Photo: Bebeto Matthews, AP)NEW YORK – Three weeks after AIG reported a titanic loss, the person tapped to turn things around at one of the world’s largest insurance companies is stepping down.
https://t.co/0dyJD3ehsO — Carl Icahn (@Carl_C_Icahn) March 9, 2017AIG shares (AIG) were up nearly 1.1% at $64.12 in morning trading.
The announcement came after American International Group Inc. in February reported a fourth-quarter loss of $3.04 billion and a $5.6 billion pre-tax charge to boost its claims reserves.
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AIG CEO Peter Hancock set to resign
Tensions between Hancock and Icahn began to mount after the CEO rebuffed the activist investor’s proposals, which also included extensive cost cutting.
American International Group said today its chief executive Peter Hancock plans to step down, a move that comes more than a year after billionaire investor Carl Icahn called for a breakup of the company.
Hancock, who has been at the helm for more than two years, will remain CEO until a successor has been named, the company said.
The two-year restructuring plan, unveiled early last year, included returning $25 billion to shareholders and trimming its property and casualty business.
AIG said it will keep its main European headquarters in London and open a subsidiary in Luxembourg.
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