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Tom Russo will retire as general counsel of American International Group Inc., according to an internal memo sent to employees by AIG President and CEO Peter Hancock.
Mr. Russo, 72, joined AIG in 2010. He previously served as senior counsel at law firm Patton Boggs, now Squire Patton Boggs. Prior to that, Mr. Russo served as vice chairman of Lehman Brothers and chief legal officer of Lehman Brothers Holdings Inc.
According to the internal memo, Mr. Russo will remain at AIG until a successor is chosen and through a period of transition. The memo said that the search for a new general counsel will begin immediately.
“Tom has had many accomplishments during his six years at AIG, perhaps most notably, his having led the company through negotiations with the U.S. Treasury and Federal Reserve Bank of New York to repay the government and U.S. taxpayers with a profit,” Mr. Hancock said in the memo.
QBE North America said Monday that former AIG executive Russell Johnston will join the insurer on May 31 as CEO of North American Operations.