AIG announced that Peter Zaffino will step down as Executive Chair and a member of the Board of Directors, transitioning to a Senior Advisor role. The company's Lead Independent Director, John Rice, has been elected to succeed Mr. Zaffino as Chair of the Board. The company noted the transition is not the result of any disagreement with AIG's operations, policies, or practices.
Key Details
- Leadership Change: Peter Zaffino will step down as Executive Chair effective September 15, 2026, and will become a Senior Advisor to the CEO.
- Successor: John Rice, AIG's Lead Independent Director since January 2023, will become Chair of the Board effective September 15, 2026.
- Agreement Terms: Mr. Zaffino's employment agreement was amended to confirm that the transition does not constitute a termination for Cause or Good Reason and will not result in changes to his compensation.