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AIG names next chief investment officer

Geoff Cornell and Douglas A. Dachille

American International Group Inc. has named Geoff Cornell chief investment officer, replacing Douglas A. Dachille who is leaving the company, effective June 30.

Mr. Cornell has been deputy chief investment officer since 2013 and is a longtime AIG executive, having joined the company in 2003.

In an 8-K filing with the Securities and Exchange Commission Wednesday announcing Mr. Dachille's departure, AIG said he will be “entitled to termination without cause benefits” under the company's executive severance plan.

Mr. Dachille has served as chief investment officer since 2015 when AIG purchased First Principles Capital Management LLC, where he was CEO.