AIG names vice chair

Internal hire takes on newly created role in October

AIG names vice chair

Insurance News

By Terry Gangcuangco

American International Group (AIG) has appointed its first-ever vice chair.

Taking on the post in October is Lucy Fato, who currently holds the positions of executive vice president (EVP), general counsel, and global head of communications and government affairs. Fato has been with the global insurer since 2017.

“Since Lucy joined AIG in 2017, she has played a pivotal role in successfully navigating AIG’s complicated transformational work and executing on multiple complex workstreams that have transformed the company into what it is today,” chair and chief executive Peter Zaffino said in a release.

“These include strengthening AIG’s governance framework and stakeholder engagement, assessing and enhancing our organisational health, leading the design of AIG’s Purpose & Values, positioning AIG and Corebridge Financial as separate standalone entities, navigating the complexities of the pandemic, and executing on a series of transactions and partnerships that have streamlined our portfolio and repositioned AIG for long-term profitable growth.”

Zaffino added that he has valued Fato’s involvement in “so many critical moments” for the business, citing her work ethic and “tireless” commitment to making a difference.

Fato, meanwhile, commented: “It has been an honour to work with Peter, someone I have known for almost two decades and admire for his exceptional leadership, integrity, allyship, and commitment to excellence. AIG’s accomplishments over the last few years have been extraordinary, and I look forward to continuing to collaborate with Peter in my new role and contributing to AIG’s ongoing success.

“Additionally, I am very proud of the talented colleagues in the global legal, compliance, regulatory, government affairs, and communications teams that I have had the privilege of leading and the important role they have played in the most complex turnaround and transformation in the history of the insurance industry.”

According to AIG, until permanent replacements are named, EVP Rose Marie Glazer will serve as interim general counsel and government affairs head while Jennifer Silane assumes the global communications function in an acting capacity. These are in addition to their respective roles as chief human resources and diversity officer and chief of staff to the chairman and CEO.

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