AIG Replaces CFO as It Prepares to Take Life Business Public

(Bloomberg) -- American International Group Inc. named Shane Fitzsimons chief financial officer, replacing Mark Lyons, as Chief Executive Officer Peter Zaffino overhauls the sprawling insurer.

The change is effective Jan. 1, when Lyons will move to the newly created role of executive vice president, global chief actuary and head of portfolio management, the New York-based insurer said in a statement Monday. Both Lyons and Fitzsimons, currently chief administrative officer, will continue reporting to Zaffino and remain members of AIG’s executive leadership team. Lyons will have a more direct role in improving the company’s underwriting.

“Mark is one of the most accomplished and respected actuaries and business executives in our industry,” Zaffino said in a statement. “Serving in this new role will further strengthen our focus on high-quality underwriting excellence and portfolio positioning, which underpins AIG’s overall growth strategy.”

The shift is the latest move by the insurer to sharpen its focus on its core operations and make necessary preparations to split off its life and retirement business through an initial public offering. In recent months, Zaffino has touted the progress of the turnaround effort, saying the company is no longer focused on “remediation” and instead is concentrating on growth.

The company made additional leadership changes Monday:

• Elias Habayeb, currently CFO for general insurance and deputy CFO for all of AIG, will replace Tom Diemer as CFO of the company’s life and retirement unit. Diemer is leaving the company to pursue other opportunities, according to the statement. Habayeb “will be an exceptional public company CFO and provide the life and retirement executive leadership team with significant expertise, insight and financial acumen as they move toward an initial public offering,” Zaffino said.
• Elaine Rocha, currently currently global chief operating officer for Reinsurance, will become global chief investment officer, reporting to Lyons initially and then to Fitzsimons starting in January. Rocha will lead the investments unit that will remain with AIG, according to the statement.
• Ted Devine has joined the company to take over the AIG 200 effort, a series of initiatives meant to improve the insurer’s operations and efficiency. Devine, who will report to Zaffino, has been advising the company on AIG 200 since 2019, focusing on technology delivery and user experience.

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