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Member, Beacon International Group, Ltd.
NEW YORKA top-ranking executive of American International Group Inc. has resigned, effective Jan. 31.
Donald P. Kanak, executive vice chairman and chief operating officer, will resign for personal reasons, AIG said in a statement late Wednesday. He also has vacated his seat on AIG's board, though AIG said he will remain available after stepping down to ensure a smooth transition.
A spokesman for AIG said the company would not replace Mr. Kanak but would redistribute his duties among other executives.
Mr. Kanak, who became executive vice chairman and COO last year, joined AIG in 1992 and served as president and chief executive officer of AIG's operations in Japan and South Korea. Earlier this month, Mr. Kanak relocated to Asia to work with AIG Senior Vice Chairman Edmund Tse and other regional executives to focus on AIG's businesses in Australia, India, Japan and South Korea.
"Don Kanak has made significant contributions to AIG during the past 14 years, particularly with respect to our insurance businesses in Asia. His colleagues and on the board of directors wish Don well in all his future endeavors," Martin J. Sullivan, president and chief executive officer of AIG, said in the statement.
The AIG spokesman said that Mr. Kanak is resigning for personal reasons, not to join a competitor or because of legal issues.
In a separate announcement, AIG said it has elected Fred H. Langhammer and Robert B. Willumstad as directors. Mr. Langhammer is chairman, global affairs, for The Estee Lauder Cos. He previously headed Estee Lauder operations in Japan. Mr. Willumstad is the retired president and COO of Citigroup Inc. He previously was responsible for Citigroup's global consumer businesses.