AIG Announces Senior Leadership Changes; Readies for Life & Retirement Unit Spinoff
Insurer American International Group has announced senior leadership changes that it says will strengthen the organization to deliver on its key priorities including decoupling the Life & Retirement Business.
AIG announced that effective January 1, 2022, Mark Lyons, currently executive vice president and chief financial officer, AIG, will step into the newly created role of executive vice president, chief financial officer. Head of Global Computing and Head of Portfolio Management, AIG. In this role, Lyons will oversee AIG’s global actuarial and reinsurance functions, and lead continuous improvements in AIG’s commercial and personal insurance portfolio.
As Lyons transitions into her new role, Shane Fitzsimons will become executive vice president and chief financial officer, AIG. Lyons and Fitzsimons will both continue to report to Peter Zaffino, president and chief executive officer, AIG, and remain members of AIG’s executive leadership team.
“The leadership roles we announce today strengthen our senior management team and support the dynamic that we have in relation to our highest strategic priorities: positioning our businesses. core business of AIG for long-term and sustainable profitability, preparing our Life & Retirement Business to become an independent market – franchise and continue the AIG 200, “Zaffino said.
AIG also announced that Elias Habayeb, currently chief financial officer, General Insurance, and deputy chief financial officer of AIG, has been appointed chief financial officer for AIG’s Life & Retirement business, effective immediate force. Habayeb will replace current Life & Retirement CFO Tom Diemer, who is leaving the company to pursue other opportunities.
As part of the ongoing work to decouple the Life & Retirement Business, which includes parts of AIG’s Investments unit, Elaine Rocha, now global CEO, Reinsurance, has been hired. promotion to Global Investment Manager, AIG, effective immediately. She reports to Lyons and will transfer to Fitzsimons in January 2022. Rocha will lead the Investment division, which will remain at AIG.
AIG announced in 2020 that it would take steps to separate the life and retirement insurance businesses from its property and casualty operations. The insurer said it would use the initial public offering to sell nearly 20% of the business. Blackstone Corporation has also agreed to purchase a substantial stake in the unit.
AIG also announced that Ted Devine has joined AIG as the global head of the AIG 200, reporting to Zaffino. Devine has advised AIG on the AIG 200 effort since 2019, focusing on technology delivery and user experience. In this new role, he will be responsible for overseeing and driving the continued momentum of the AIG 200 as the company modernizes its infrastructure.
Lyons joined AIG in July 2018 as chief actuary, General Insurance, with over 40 years of experience in the insurance industry. He assumed the role of AIG CFO in December 2018. Before joining AIG, he worked for Arch Capital Group. Prior to Arch, he held positions at Zurich US, Berkshire Hathaway and before that at AIG.
Fitzsimons joined AIG in July 2019 as the global head of Shared Services. He has held roles with increasing responsibility, most recently as executive vice president and chief administrative officer, including head of Financial Planning & Analysis. Fitzsimons also oversaw the AIG 200 modernization initiative. Prior to that, he spent 23 years at GE.
Habayeb has been with AIG for over 16 years, holding a variety of senior finance roles, most recently as CFO for General Insurance. He also served as AIG’s deputy chief financial officer and will continue to serve as AIG’s chief accountant until February 2022. His previous roles include CFO of International Lease Finance Corp. subsidiary of AIG. Before AIG, Habayeb was a partner of Deloitte.
During his more than 11 years at AIG, Rocha has contributed to many of AIG’s businesses and functions, including Reinsurance; Investments; Legal and AIG 200. From 2015 to 2020, Rocha was the Global Managing Director for AIG’s Investment unit. Prior to joining AIG, Rocha was a private practice attorney for more than a decade.
Prior to joining AIG, Devine served as founder and CEO of insurance technology brokerage Insureon, president of Aon Global Retail Brokerage, CEO of Aon Reinsurance, president of Aon Americas, senior partner at McKinsey and Co. focusing on Insurance, and Deloitte’s M&A practice director.
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