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The ongoing reorganization of American International Group Inc. has led to the departure of two additional senior executives.
In memos distributed to employees late Monday, AIG President and CEO Peter Hancock announced that Seraina Maag, CEO of regional management and operations, and Brian Schreiber, chief strategy officer and head of corporate marketing and communications, would leave the company.
Mr. Hancock noted in the memo that AIG began a redesign of its organization last September, and that “Seraina had the courage to propose additional changes that will refine the way we operate.”
“We have now concluded that we will operate most efficiently and effectively by integrating our country management directly into the commercial and consumer segments, which will better align our business strategy and our clients' needs,” Mr. Hancock wrote in the memo.
“Significant aspects of operations will also be fully integrated with the businesses they support. Some of this will happen immediately and some over time. We will create a new global business services group, which will be accountable for operating and promoting shared services across AIG so that the company can continue to benefit from our economies of scale. In connection with these changes, Seraina will be leaving the company after a period of transition.”
Mr. Hancock also praised Mr. Schreiber.
“As a key member of the leadership team that designed and executed AIG's restructuring plan, he helped the company navigate through some of its most challenging days to successfully repay America with a profit,” Mr. Hancock in a memo. “Brian has demonstrated his deep knowledge of the company and industry expertise at every turn, and most recently, was instrumental as chief strategy officer in developing and driving the rollout of our new strategy.”
Mr. Hancock cited the executives' leadership and contributions, which “will have a lasting impact on AIG for years to come.”
In addition, AIG announced that:
• Jeff Hurd, the executive vice president of transformation, human resources and administration, had been appointed to the new role of chief operating officer.
• Sid Sankaran, who was executive vice president and chief risk officer, was named executive vice president and incoming chief financial officer. David Herzog, the current chief financial officer, will remain in his position until AIG's 2015 Form 10-K is filed with the Securities and Exchange Commission.
• Alessa Quane, who was chief corporate actuary and head of global actuarial and value management, was named executive vice president and incoming chief risk officer, succeeding Mr. Sankaran.
The pending appointments of Mr. Sankaran and Ms. Quane had been announced in December, when AIG announced a new management structure. At the time, the company announced that that in addition to Mr. Herzog, Commercial Insurance CEO John Doyle, CEO of the Asia Pacific Region Jose Hernandez and Executive Vice President of Claims and Operations Eric Martinez would be leaving the company.
Some equities analysts doubt that the underlying factors that played a key role in American International Group Inc.'s fourth-quarter 2015 performance can be remedied anytime soon.