Global insurer American International Group (AIG) has confirmed that Peter Zaffino will step down as Executive Chair and a member of the Board of Directors on September 15th, 2026, with John Rice taking over as Chair of the AIG Board on the same date.
Zaffino transitioned from President and CEO to Executive Chair of AIG earlier this year, with former Aon executive Eric Andersen named as his successor.
On September 15th, Zaffino will become a Senior Advisor to the insurer, and will continue to support the company’s executive leadership transition.
The Board has elected Rice, AIG’s Lead Independent Director since 2023 and member of the Board since March 2022, to serve as its new Chair.
Previously, Rice served as Non-Executive Chairman of GE Gas Power from 2018 to 2020, and before this, was President and CEO of the GE Global Growth Organization for seven years. He also previously served in other senior leadership roles with General Electric in global markets, including Hong Kong, Singapore and Canada, before retiring as Vice Chairman of the firm in 2018.
Rice commented: “I want to thank Peter for his exceptional leadership and lasting contributions to AIG. Under his tenure, AIG strengthened its competitive position and created significant long-term value for shareholders. On behalf of the AIG Board of Directors, we are grateful that AIG will continue to benefit from Peter’s guidance and advice.
“I am honored to continue to have a leadership role on AIG’s Board, now as its Chair, working closely with my fellow Directors, President & CEO Eric Andersen, and AIG’s leadership team as we advance the company’s strategic priorities, maintain strong governance and remain focused on delivering sustainable, profitable growth.”
Zaffino said: “Following my transition to Executive Chair earlier this year, I look forward to serving AIG as a Senior Advisor, working with the Board of Directors and President & CEO Eric Andersen through this thoughtful approach to our leadership transition. I was pleased to have the opportunity to work closely with Eric Andersen at the start of this transition and look forward to continuing to work closely with John Rice as he assumes the role of Chair.
“With AIG entering its next chapter, now is the right time for the next phase of leadership. I am incredibly proud of all that we have accomplished together as a company. I want to recognize and thank my AIG colleagues for their hard work and extraordinary efforts, and I look forward to the company’s continued success.”
Effective January 15th, 2027, Zaffino is set to join Palantir Technologies Inc. as Global Head of Financial Services, tasked with driving growth and transformational impact across the firm’s financial services business, which includes insurance companies, banks, asset managers, private equity firms, and other financial institutions.
“I have long admired the work of Alex and the Palantir team. The value they deliver across industries has resulted in impressive growth for Palantir and actionable insights for customers,” said Zaffino. “The organizations that will lead in the future are those that are building durable AI infrastructure today. I am incredibly excited to work with financial services organizations to transform their AI strategy into strategic advantage.”
Alex Karp, Co-Founder and CEO of Palantir Technologies, said: “Peter has spent his career challenging inertia and rejecting incrementalism within large enterprises. We partnered to deploy our products to create actual alpha within one of the most interesting and complex institutions in the world. We are fortunate that he is joining us.”
