American International Group (AIG) has made senior leadership changes as part of the separation of the Life & Retirement business.
Mark Lyons, currently Executive Vice President and Chief Financial Officer, AIG, will step into a newly created role of Executive Vice President, Global Chief Actuary and Head of Portfolio Management, AIG.
In his new role, Lyons will oversee AIG’s global actuarial and ceded reinsurance functions, as well as lead ongoing improvements and repositioning in AIG’s commercial and personal insurance portfolio.
Shane Fitzsimons will become Executive Vice President and Chief Financial Officer, AIG.
Lyons and Fitzsimons will both continue reporting to Peter Zaffino, President and Chief Executive Officer, and remain members of AIG’s Executive Leadership Team.
AIG also announced that Elias Habayeb, currently Chief Financial Officer, General Insurance and Deputy Chief Financial Officer, AIG, has been named Chief Financial Officer for AIG’s Life & Retirement business.
Habayeb is replacing current Life & Retirement Chief Financial Officer, Tom Diemer, who is leaving the company to pursue other opportunities.
As part of the ongoing work to separate the Life & Retirement business, including portions of AIG’s Investments unit, Elaine Rocha, currently Global Chief Operating Officer, Reinsurance, has been promoted to Global Chief Investment Officer, AIG, effective immediately.
She reports to Lyons and will transition to reporting to Mr. Fitzsimons in January 2022. Ms. Rocha will lead the Investments unit that will remain with AIG.
Ted Devine has also joined AIG as Global Head of AIG 200, reporting to Zaffino.
Devine has been advising AIG on its AIG 200 effort since 2019, focusing on technology delivery and user experience. In this new role, he will be responsible for overseeing and driving continued momentum across AIG 200.
Zaffino said: “The leadership roles we are announcing today strengthen our senior management team and support the momentum we have with respect to our highest strategic priorities: positioning AIG’s core businesses for long-term, sustainable profitability, preparing our Life & Retirement business to be a standalone market-leading franchise, and the continued execution of AIG 200.
“We are deploying exceptional talent in critical roles to ensure AIG becomes a top performing company focused on value creation for all our stakeholders, increasing financial flexibility and achieving excellence in everything we do.”