Although the announcement was made back on June 10, Peter D. Hancock has officially taken over the reins as president and chief executive officer, responsible for more than 88 million customers in 130 countries.
American International Group announced this week that in accordance with the company's succession plan, Hancock has assumed the role of president and CEO.
Hancock succeeds Robert H. Benmosche - who retired and now serves as an advisor to
AIG - has also joined
AIG's Board of Directors.
The 56-year-old Hancock will get a compensation package of $11.8 million a year as the insurer’s new CEO, as he prepares AIG for the increased supervision from the Federal Reserve after the company was named a systemically important financial institution.
“Hancock will have the critical role of managing the company while it is newly regulated by the Fed,” Jay Gelb, an analyst at Barclays Plc. told reporters back in June when the transition was announced.
According to AIG, the short-term incentive will be $3.2 million of cash and the long-term will be $7 million in performance share units for meeting targets, plus he will get an annual salary of $1.6 million.
Hancock, who has spent his entire career in financial services, joined AIG in 2010 and was named CEO of AIG Property Casualty in March 2011, when the division was reorganized into two major global groups: commercial and consumer. Previous to that, Hancock was executive vice president of Finance, Risk and Investments. (continued.)
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His experience includes 20 years at J.P. Morgan, where he established the Global Derivatives Group, ran the Global Fixed Income business and Global Credit portfolio, and served as the firm's chief financial officer and chief risk officer.
Hancock joined AIG from KeyCorp, where he was vice chairman, responsible for Key National Banking.
Raised in Hong Kong, Hancock went on to attend Oxford University, where he earned his Bachelor of Arts degree in politics, philosophy and economics.
