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Brian Duperreault will give up his executive role at American International Group Inc. at year-end but will continue in an advisory role, the insurer announced late Friday.
AIG had previously announced that Mr. Duperreault, who was brought in to turn the insurer around in 2017, would be succeeded as CEO by Peter Zaffino on March 1 and that Mr. Duperreault would become executive chairman.
In a Securities and Exchange Commission filing Friday, AIG said Mr. Duperreault “will serve as executive chairman … through the close of business on December 31, 2021, after which he will become a non-officer employee of AIG providing assistance and advice to the extent requested by the Chief Executive Officer.”
Mr. Zaffino, who previously worked with Mr. Duperreault at Marsh & McLennan Cos. Inc., joined AIG shortly after Mr. Duperreault.
Under his employment agreement with the company, Mr. Duperreault will have a target compensation, including salary, incentive compensation, stock awards and stock options, of $12.8 million in 2021 and $7.5 million in 2022, the filing said.
Mr. Zaffino’s target compensation for 2021 will be $17 million, the filing said.