Zaffino to step down as AIG exec chair

Peter Zaffino will step down as executive chair and a member of the AIG board on 15 September 2026, moving into a senior advisor role at the insurer.

John Rice, currently AIG’s lead independent director, has been elected chair of the board from the same date.

Zaffino (pictured) transitioned to executive chair earlier this year and will continue to support AIG’s leadership transition in his new advisory role.

Rice (pictured below) has served on the AIG board since March 2022 and as lead independent director since January 2023.

He previously served as non-executive chairman of GE Gas Power and spent seven years as president and CEO of the GE Global Growth Organization before retiring from GE as vice chairman in 2018.

Rice said: “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.”

He added: “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 and 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 the timing was right for the next phase of leadership at AIG.

“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 and CEO Eric Andersen through this thoughtful approach to our leadership transition,” he said.

“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.”