- Push-out Score determined
- After less than four years in the position
- Praise and thanks for Duperreault
- Peter Zaffino taking over
- Duperreault will remain as Executive Chairman at AIG
- Duperreault kept it short and said 53 words
(exechange) — New York, October 26, 2020 — Brian Duperreault, chief executive of AIG, leaves his position. As announced by American International Group Inc. in a news release and in a regulatory filing published on Monday, October 26, 2020, Brian Duperreault leaves his post as chief executive officer at the finance and insurance corporation after less than four years in the role, effective March 1, 2021.
Brian Duperreault’s duties as CEO will be taken over by Peter S. Zaffino, currently President and Global Chief Operating Officer of American International Group Inc.
It is a generational change as well. Peter Zaffino is about 20 years younger than Brian Duperreault.
No reason given
In the announcement, AIG did not explicitly explain the reason for Brian Duperreault’s move.
Duperreault will remain as Executive Chairman at AIG
“Brian Duperreault will become Executive Chairman and Douglas M. Steenland, currently Independent Chairman of the Board, will become Lead Independent Director, also effective March 1, 2021,” AIG said.
Share price decline since May 2017
The announcement follows a decline in American International Group Inc.’s share price of 47% since the beginning of Duperreault’s tenure in May 2017.
In the position of CEO since 2017
Brian Duperreault became CEO of the Company in 2017.
Duperreault has been AIG’s Chief Executive Officer since May 2017, when he also joined the Board of Directors.
He also served as AIG’s President from May 2017 until January 2020.
Previously, Duperreault was the Chief Executive Officer of Hamilton Insurance Group, Ltd. (Hamilton), a Bermuda-based holding company of property and casualty insurance and reinsurance operations in Bermuda, the U.S. and the U.K., from December 2013 to May 2017, and served as Chairman of Hamilton from February 2016 to May 2017.
He served as President and Chief Executive Officer of Marsh & McLennan Companies, Inc. from February 2008 until his retirement in December 2012.
Before joining Marsh & McLennan Companies, he served as non-executive Chairman of ACE Limited from 2006 until 2008, as Chairman of the Board from 2004 to 2006, as Chairman and Chief Executive Officer from 1999 to 2004, and as Chairman, President and Chief Executive Officer from 1994 to 1999.
Prior to joining ACE, Duperreault served in various senior executive positions with AIG and its affiliates from 1973 to 1994.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to AIG and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2020 ($).