American International Group, Inc. chief executive Peter D. Hancock announced through an internal memorandum Feb. 15 that chief strategy officer Brian Schreiber and chief executive officer of Regional Management & Operations Seraina Maag are leaving the company.
The departures accompany news of the company’s reorganization of its top leadership.
AIG has been undergoing changes and improving its operations in response to its sluggish stock price and to appease its two big investors.
Investors and billionaires Carl C. Icahn and John Paulson earned their seats on the company’s board the previous week as part of a settlement. Both have called for the separation of the insurer into several businesses. AIG reacted by conducting strategic business reviews of its own operations.
Schreiber has been with AIG since 1997, coming from Taylor & Company. He was first a portfolio manager, but eventually rose to the position of chief of strategic planning. While serving as chief of strategic planning, he oversaw the $23 billion American General deal. He also played a major role in helping the company stay afloat during the financial crisis, working with then-chief executive Robert Willumstad to come up with bail out options.
Following the financial crisis and the Federal Reserve’s $85 billion bailout for AIG, Schreiber aided the company in selling off its nonessential business units. He was later promoted to deputy chief investment officer and finally chief strategy officer.
“Brian has demonstrated his deep knowledge of the company and industry expertise at every turn, and most recently, was instrumental as chief strategy officer in developing and driving the rollout of our new strategy,” Hancock stated in the internal memo.
Maag joined AIG in 2013 from XL Group. Her responsibility was to oversee management of all the countries the insurer operated in.
“Seraina has been highly respected for her creative leadership and strong commitment toward helping further initiatives throughout the region, and most recently, in A.I.G.’s organizational design work,” Hancock remarked in the memo.
