AIG announces new CEO to take over from Brian Duperreault
AIG will separate out life and general insurance, triggering shares to climb as high as 8% up yesterday.
Life and retirement makes up 39% of AIG’s $39bn revenues, with general insurance comprising the rest.
President Peter Zaffino, who succeeds 73-year-old current chief executive Brian Duperreault, will take charge in March.
Zaffino will be AIG’s seventh CEO since 2005.
The separation could take a couple of years, according to sources reported in Reuters.