AIG picks veteran Eric Andersen as CEO after rocky succession process
Financial Times••business
Key Points:
- AIG has named Eric Andersen, former president of insurance broker Aon, as its next CEO, succeeding Peter Zaffino who will retire and become executive chair by mid-2024.
- The leadership change comes as AIG plans to increase risk-taking to drive growth, following a period of significant downsizing since the 2008 financial crisis.
- Shares dropped over 5% after the announcement, reflecting investor uncertainty amid recent executive turnover and a cancelled appointment of John Neal due to personal circumstances and governance concerns.
- Under Zaffino’s leadership since 2021, AIG has returned over $19 billion to shareholders and posted underwriting profits annually, but his departure was seen as unexpected by analysts.
- Zaffino
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