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