AIG President-CEO Zaffino to add title of chairman

American International Group Inc. said Wednesday that President and CEO Peter Zaffino will also become chairman of the board, effective Jan. 1, 2022.

Mr. Zaffino will succeed current executive chair Brian Duperreault, who is retiring at year-end.

Mr. Zaffino was appointed CEO in March. He joined AIG a few weeks after Mr. Duperreault was brought in to turn the insurer around in 2017.

In July AIG said it had agreed to sell a 9.9% stake in its life and retirement business to Blackstone Group Inc. for $2.2 billion.

The announcement came eight months after AIG announced that it was considering selling or spinning off up to 19.9% of its life and retirement operations.

In May AIG said it would pursue an initial public offering to spin off the unit.

Mr. Duperreault has been named the recipient of the 2021 Business Insurance Lifetime Achievement award for outstanding accomplishments in the insurance and risk management sector.