AIG CEO Peter Hancock resigns
Source: Asia Insurance Review | Apr 2017
AIG said its President and CEO Peter D Hancock has resigned. He will remain CEO until a successor has been named. A comprehensive search for a successor is ongoing.
Mr Douglas Steenland, AIG’s Board Chairman, lauded Mr Hancock’s accomplishments during his tenure that began in September 2014, such as tackling complex issues including repayment of AIG’s obligations to the US Treasury in full and with a profit. He said the Board remains committed to Mr Hancock’s two-year strategic turnaround plan announced in January 2016 as well as its financial targets and objectives.
Mr Hancock said that he believed this is the right decision to make for the company and all its stakeholders. His resignation came on the heels of AIG’s announcement in February that the insurer lost more than US$3 billion in last year’s fourth quarter, following a hefty charge to build reserves for future losses.