AIG reveals new CEO – report

Top executive will return to the company, facing the challenge of improving its financial results

AIG reveals new CEO – report

Insurance News

By Louie Bacani

Insurance powerhouse AIG is reportedly set to appoint a new CEO to succeed Peter Hancock who stepped down earlier this year after the firm posted four losses in six quarters.
According to a report, the insurer’s new chief executive will be Brian Duperreault, founder and CEO of Bermuda-based Hamilton Insurance Group Ltd.
Citing people familiar with the matter, the Wall Street Journal reported that AIG is expected to make the announcement as soon as Thursday.
The sources told the publication that Duperreault and the insurer are still working out details of his employment contract but are “very close” to a final agreement.
“He is going to get the job,” Wall Street Journal quoted one of the people as saying.
Duperreault,70, is a onetime deputy to former CEO Maurice “Hank” Greenberg and spent over two decades at AIG before leaving to run three other companies, the report noted.
Hancock resigned in March after AIG’s latest financial results disappointed investors. It was earlier speculated that he will be ousted because the two-year strategy plan that he conceived was taking longer than expected.

AIG board members don’t expect Duperreault to change AIG’s current strategic direction, according to the Wall Street Journal’s sources.

Keep up with the latest news and events

Join our mailing list, it’s free!