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American International Group Inc. Chief Financial Officer David Herzog and John Doyle, CEO of commercial insurance, are among several top executives who will leave the financially challenged insurer as it forms a new executive leadership team.
The move comes amid pressure to cut costs at AIG and calls to break up the company.
In its announcement Thursday, AIG said Mr. Herzog will continue as CFO through the filing of its 2015 Form 10-K with the Securities and Exchange Commission in the first quarter of 2016 and will then retire. Sid Sankaran, currently chief risk officer, will become the next CFO. Alessa Quane will become AIG's new chief risk officer while remaining its chief corporate actuary.
Mr. Doyle, who heads the insurer's commercial operations will be succeeded by Robert Schimek, who was previously head of Americas operations.
The shakeup announced Thursday followed repeated investor calls for AIG to split itself up, including investor Carl Icahn.
The announcement said “all other executive leadership team appointments are effective immediately.”
Those executives who will leave after what AIG called “a period of transition” are Mr. Doyle, CEO of the Asia Pacific Region Jose Hernandez and Executive Vice President of Claims and Operations Eric Martinez.
AIG President and CEO Peter Hancock said during a third-quarter results call, when it reported a $231 million loss, that AIG intended to cut more than 20% of its senior positions, with more reductions in staff to follow in 2016.
“Our new management structure will ensure we have strong end-to-end accountability within the customer segments, so we can transform into a more efficient, less complex organization with accelerated decision making in response to our clients' needs,” Mr. Hancock said in Thursday's announcement. “We are moving forward with a continued sense of urgency on our four strategic priorities: narrowing our focus on clients, products, and geographies where we can grow profitably; driving for efficiency; growing through innovation, and optimizing our data assets and client relationships; and returning excess capital to shareholders.
Reporting to Mr. Hancock on the executive leadership team will be:
• Chief Investment Officer Douglas Dachille, who will oversee the science function;
• Chief Science Officer Murli Buluswar;
• Chief Information Officer Philip Fasano:
• Chief Auditor Martha Gallo, who will continue to report both to the board's audit Committee and to Mr. Hancock;
• Consumer CEO Kevin Hogan. The Japan operations and the consumer claims organization will report to Mr. Hogan;
• Jeffrey Hurd, executive vice president of transformation, human resources and administration;
• Seraina Maag, CEO of regional management and operations. The regional CEO and president roles of the Americas, EMEA and Asia-Pacific will be consolidated into one role with oversight of country management. Ms. Maag also will oversee operations.
• Thomas Russo, general counsel of legal, compliance, regulatory affairs and government affairs;
• Mr. Sankaran, who in addition to becoming CFO, will maintain oversight of enterprise risk management.
• Commercial CEO Mr. Schimek. AIG's U.K. operations and the commercial claims organization will report to Mr. Schimek.
• Brian Schreiber, chief strategy officer and head of corporate marketing and communications Brian Schreiber.
“Several of our senior leaders will depart the company,” said Mr. Hancock. “I am grateful for their years of distinguished service. Their leadership has been invaluable in positioning AIG for long-term growth and sustainable profitability.”