AIG fires interim CFO | Insurance Business UK
Mark Lyons has been fired by American International Group (AIG), two weeks after being appointed as the insurer’s interim chief financial officer.
Earlier this month, Lyons – who was also executive vice president, global chief actuary, and portfolio management head – took over the finance function in an interim capacity due to CFO Shane Fitzsimons being on medical leave of absence effective January 10.
Now the company revealed Lyons’ termination, citing violations of confidentiality/non-disclosure obligations. AIG, however, clarified that the violations were not related to the firm’s financial statements or financial reporting.
Meanwhile, in a US Securities and Exchange Commission Form 8-K filing, AIG said it entered into a settlement agreement with Lyons, pursuant to which he will be paid a gross cash amount of US$7.5 million in recognition of his contributions since joining in 2018.
According to the filing seen by Insurance Business, the first half will be paid not later than February 15, 2023, while the second batch of payment will be made on or before the same date next year. In the document, it was noted that Lyons was let go on January 24.
Stepping in as interim finance chief and interim global chief actuary, respectively, are Sabra Purtill and Turab Hussain. The latter has served as AIG’s general insurance chief risk officer since 2021, while Purtill has been chief investment officer of the group’s life & retirement business Corebridge Financial since 2022.