American International Group (AIG) has announced that Paola Bergamaschi (pictured above) has been elected to the board of directors, effective Dec. 1.
Bergamaschi has served as an independent director for several companies, including BNY Mellon International, Wells Fargo Securities International, and asset manager ARCA Fondi SGR. She has also held senior executive roles with Goldman Sachs, Credit Suisse First Boston, and State Street Corporation both in the US and the UK.
“We are very pleased that Paola is joining the AIG board of directors,” said Peter Zaffino, chairman and CEO of AIG. “Paola is an experienced financial services executive and independent director who brings deep international expertise in capital markets, global banking, and risk and international regulatory oversight. As we continue to position AIG as a global leader, we are fortunate to add someone with Paola’s excellent reputation and fresh perspective to the AIG board.”
The company has also announced that John G. Rice, who joined the board in March, will take on the role of lead independent director, effective Jan. 1.
“John’s contributions to the AIG board since he joined last March, including serving as chair of AIG’s Nominating and Corporate Governance Committee, are grounded in broad, deep and diverse experiences,” Zaffino said. “His leadership will be invaluable as we continue to execute on our strategy to deliver long-term, profitable growth by remaining intently focused on underwriting excellence, deploying capital responsibly, and delivering quality in everything we do as we strive to become a top-performing company.”
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Douglas M. Steenland, who served as non-executive chairman from 2015 until March 1, 2021, when he became lead independent director, has decided not to stand for reelection at next year’s annual shareholders’ meeting.
“On behalf of the entire board, I want to thank Doug for his contributions as lead independent director and for his many years of service to AIG, which included his prior roles as chairman of the board, chairman of the Regulatory, Compliance and Public Policy Committee, and member of the Risk Capital Committee,” Zaffino said. “I look forward to continuing to collaborate with him as a director until next year’s annual meeting.”