Peter Zaffino, the chief executive of American International Group, is stepping down from his role, the latest shuffling of the insurance giant’s top leadership.
The company’s announcement of Mr. Zaffino’s departure from the job rattled analysts and investors, sending the insurer’s shares tumbling nearly 8 percent on Tuesday.
Mr. Zaffino, who is widely credited with helping turn around AIG’s underwriting business, will step down as chief executive in June and assume the role of executive chairman. The company said that Eric Andersen, who most recently served as strategic adviser to the chief executive of Aon, will join AIG in February as interim chief executive, reporting to Mr. Zaffino. Mr. Anderson will formally assume the chief executive role after June 1.
The news marks the latest in a series of executive upheavals at AIG, a $42 billion company with a client list that includes billionaires, banks and behemoths of the global financial markets.
In November, AIG made the unexpected announcement that its incoming president, John Neal, was no longer joining the company “due to personal circumstances.” Mr. Neal had been considered a strong candidate to succeed Mr. Zaffino.
Mr. Neal’s abrupt withdrawal came after The New York Times approached AIG with questions about a romantic relationship with his personal assistant at an Australia-based insurer, QBE, in 2017. He had failed at the time to disclose the relationship to QBE’s board, which the company’s code of conduct required. He stepped down from his role as chief executive there several months later.
Mr. Neal had worked as chief executive of Lloyd’s of London before AIG hired him.
Mr. Neal had been poised to take over many of the responsibilities of David McElroy, an AIG executive who left in 2024
after he was accused of sexually assaulting a woman during an AIG retreat in Stowe, Vt. He has pleaded not guilty.
When Mr. McElroy left the company, AIG also cited “personal reasons” for the departure and made no mention of the allegations. Mr. McElroy has denied any wrongdoing.
“We have returned AIG to vastly improved profitability, significantly strengthened our balance sheet, and built tremendous financial flexibility,” Mr. Zaffino, who became chief executive in 2021, said in the company’s statement on Tuesday.
In the statement, AIG said Mr. Andersen was selected as the new C.E.O. in “alignment with the company’s comprehensive multiyear succession planning process.”
“Eric Andersen is a deeply experienced and widely respected leader, known across the insurance industry for his integrity, strategic vision, and proven ability to drive shareholder value,” John Rice, the lead independent director of AIG, said in the statement.
Lauren Hirsch is a Times reporter who covers deals and dealmakers in Wall Street and Washington.
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