Passed over to be CEO, AIG's life insurance head resigning

Jay S. Wintrob was considered as a potential successor to former AIG CEO Robert Benmosche, but was passed over for the role./ Photo via AIG

Jay S. Wintrob, president and CEO of AIG Life & Retirement, is leaving American International Group Inc. to “pursue other interests,” AIG said Thursday as AIG President and CEO Peter D. Hancock announced a new leadership structure for the insurer.

Messrs. Wintrob and Hancock had both been viewed as potential successors to former AIG CEO Robert Benmosche.

Mr. Hancock was named Mr. Benmosche's successor in June and assumed his new role on Sept. 1.

AIG also announced that Executive Vice President and Chief Administrative Officer Michael R. Cowan will retire from the company.

Additionally, Mr. Hancock announced the formation of a new operating committee consisting of senior executives.

“There is one business, and it's AIG,” Mr. Hancock said in a statement. “We need to focus as a leadership team on fundamental priorities and ensure that we execute against those priorities in the most disciplined way possible. While we have made enormous strides in improving the way we balance growth, profitability, and risk, we have more to do.”

The 13 members of the operating committee will report directly to Mr. Hancock.