- After almost three years on the job
- Laud, praise and thanks for Hancock
- Search for a successor
- Hancock spoke at length and said 139 words
(exechange) — New York, March 09, 2017 — Peter Hancock, chief executive of AIG, leaves. As announced by American International Group in a news release on Thursday, March 09, 2017, Peter D. Hancock leaves the post as Chief Executive Officer at the insurance company in a surprising move after almost three years on the job.
No company wants a CEO to flame out in the first years.
AIG will undertake a search for a successor.
Hancock will remain as CEO until a successor has been named.
“Without wholehearted shareholder support for my continued leadership”
The management change is explained as follows. Hancock said in a fairly blunt statement: “I believe this is the right decision to make for the company and all its stakeholders. Without wholehearted shareholder support for my continued leadership, a protracted period of uncertainty could undermine the progress we have made and damage the interests of our policyholders, employees, regulators, debtholders, and shareholders.”
Precise information about the future plans of Hancock was not immediately available.
AIG said: “Peter D. Hancock, President and Chief Executive Officer, has informed the Board of Directors of his intention to resign.”
Share price rise since June 2016
The change follows a rise in the share price of American International Group since June 2016.
Carl C. Icahn holds 4.44 percent stake
Carl C. Icahn reported a 4.44 percent stake in American International Group as of December 31, 2016. Carl C. Icahn is an activist investor.
On March 9, 2017, Icahn said in a tweet: “We fully support the actions taken today by the board of $AIG.”
On the job as CEO since 2014
Peter D. Hancock was named President and Chief Executive Officer of AIG in September 2014, when he was also elected to the AIG Board of Directors.
Previously, Hancock served as CEO of AIG Property Casualty.
He joined AIG in 2010 as Executive Vice President, Finance, Risk, and Investments.
Hancock has spent his entire career in financial services, including 20 years at J.P. Morgan, where he established the Global Derivatives Group, ran the Global Fixed Income business and Global Credit portfolio, and served as the firm’s Chief Financial Officer and Chief Risk Officer.
He co-founded and served as President of Integrated Finance Limited, an advisory firm specializing in strategic risk management, asset management, and innovative pension solutions.
He joined AIG from KeyCorp, where he was Vice-Chairman, responsible for Key National Banking.
Hancock is a board member of The Geneva Association, and a member of The Business Council, the Business Roundtable, the International Advisory Board of BritishAmerican Business, and the 30% Club.
He is Vice-Chairman of the Together for Safer Roads Coalition.
In 2014, he received the Corporate Citizenship Award from BritishAmerican Business.
He is a William Pitt Fellow of Pembroke College, Cambridge.
Hancock was raised in Hong Kong and later attended Oxford University, where he earned his Bachelor of Arts degree in politics, philosophy, and economics.
Read the full story in the exechange report 11.2017 ($).