Reinsurance News

AIG revamps board of directors

4th November 2022 - Author: Pete Carvill

AIG has said that Paola Bergamaschi is to become a director of the company following an election by the firm’s board of directors.

Bergamaschi’s appointment is set to begin at the start of December. In addition, John G. Rice, who joined the Board in March 2022, will take on the role of lead independent director, effective January 1, 2023. Douglas M. Steenland, who served as non-executive chairman from 2015 until March 1, 2021 when he became lead independent director of the Board, has decided not to stand for re-election at the Annual Meeting of Shareholders in 2023.

Peter Zaffino, chairman and CEO of AIG, said: “We are very pleased that Paola is joining the AIG Board of Directors. Paola is an experienced financial services executive and independent director who brings deep international expertise in capital markets, global banking, and risk and international regulatory oversight. As we continue to position AIG as a global leader, we are fortunate to add someone with Paola’s excellent reputation and fresh perspective to the AIG Board.”

He added: “On behalf of the entire Board, I want to thank Doug for his contributions as Lead Independent Director and for his many years of service to AIG which included his prior roles as chairman of the board, chairman of the regulatory, compliance and public policy committee, and member of the risk and capital committee. I look forward to continuing to collaborate with him as a director until next year’s annual meeting.”

He went on: “John’s contributions to the AIG Board since he joined last March, including serving as Chair of AIG’s Nominating and Corporate Governance Committee, are grounded in broad, deep, and diverse experiences. His leadership will be invaluable as we continue to execute on our strategy to deliver long-term profitable growth by remaining intently focused on underwriting excellence, deploying capital responsibly, and delivering quality in everything we do as we strive to become a top performing company.”

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Bergamaschi has served as an independent director for several companies, including BNY Mellon International, Wells Fargo Securities International, and asset manager ARCA Fondi SGR. Prior to her board service, Ms. Bergamaschi had a successful career in financial services, including senior executive roles with Goldman Sachs, Credit Suisse First Boston, and State Street Corporation both in the US and UK.

Rice has served on the Baker Hughes board of directors since 2017. He previously served as non-executive chairman of GE Gas Power from 2018 to 2020. Prior to this role, he was president and chief executive officer of the GE Global Growth Organisation for seven years. Rice held other senior leadership positions with General Electric in its global markets, including Hong Kong, Singapore, and Canada, before retiring from GE as vice chairman in 2018.

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