Reinsurance News

AIG promotes Lucy Fato to the role of Vice Chair

6th September 2023 - Author: Saumya Jain

Global insurer American International Group (AIG) has announced the transition of Lucy Fato from her current role as Executive Vice President, General Counsel & Global Head of Communications and Government Affairs to Vice Chair at AIG, effective October 1, 2023.

In this newly created role, Fato will report to Peter Zaffino, Chairman and Chief Executive Officer (CEO) of AIG.

Fato joined AIG in 2017. Since then, she has played a pivotal role in successfully navigating the firm’s complicated transformational work and executing multiple complex workstreams.

These include strengthening AIG’s governance framework and stakeholder engagement, assessing and enhancing organizational health, and leading the design of AIG’s Purpose and values.

She helped position AIG and Corebridge Financial as separate standalone entities, navigated the complexities of the pandemic, and executed a series of transactions and partnerships that streamlined the portfolio and repositioned AIG for long-term profitable growth.

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Zaffino commented, “I have valued Lucy’s involvement in so many critical moments for AIG, admire her work ethic and tireless commitment to making a difference, and look forward to her continued contributions in her new role.”

Fato added, “It has been an honour to work with Peter, someone I have known for almost two decades and admire for his exceptional leadership, integrity, allyship and commitment to excellence.

“AIG’s accomplishments over the last few years have been extraordinary, and I look forward to continuing to collaborate with Peter in my new role and contributing to AIG’s ongoing success. Additionally, I am very proud of the talented colleagues in the Global Legal, Compliance, Regulatory, Government Affairs and Communications teams that I have had the privilege of leading and the important role they have played in the most complex turnaround and transformation in the history of the insurance industry.”

Rose Marie Glazer, Executive Vice President and Chief Human Resources and Diversity Officer, will serve as interim General Counsel and Head of Government Affairs.

Jennifer Silane, Chief of Staff to the Chairman & CEO of AIG, will serve as interim Head of Global Communications. Both roles are in addition to their current ones until permanent successors are named.

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