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Former XL Group CFO Peter Porrino among new AIG Director nominees

2nd April 2019 - Author: Charlie Wood

The Board of Global insurer AIG has nominated three new candidates that will join ten of the company’s current Directors standing for re-election at its Annual Meeting of Shareholders.

AIG LogoThe nominees include Peter Porrino, former Executive Vice President and Chief Financial Officer of XL Group; Amy Schioldager, former Senior Managing Director and Global Head of Beta Strategies at BlackRock; Therese Vaughan, former Chief Executive Officer of the National Association of Insurance Commissioners.

Porrino was EVP and CFO of XL Group between 2011 and 2017 before serving as Senior Advisor to the CEO until 2018.

Prior to joining XL Group, he was the Global Insurance Industry Leader at Ernst & Young LLP from 1999 through 2011.

These nominations follow the January 2019 election of Thomas Motamed as a director. He previously served as Chairman and CEO of CNA Financial Corporation and before that spent 31 years with The Chubb Corporation.

“We are pleased to recommend these new director candidates for election at AIG’s 2019 Annual Meeting, as they each bring additional perspectives while also enhancing the Board’s insurance and investment expertise,” said Douglas Steenland, Independent Chairman of the Board.

“Their nominations, along with the addition of Tom Motamed, are indicative of our continued focus on best positioning AIG to deliver long-term sustainable value for our shareholders.”

Current directors Theresa Stone and Ronald Rittenmeyer will not be standing for re-election at the 2019 Annual Meeting.

Stone is retiring as she will have reached the general retirement age under AIG’s corporate governance guidelines, and Rittenmeyer has advised he will not stand for re-election given his other professional commitments.

“I want to thank our departing directors Terry and Ron for their service on the AIG Board. We are grateful for their many contributions,” added Steenland.

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