AIG Announces Board Leadership Transition

Peter Zaffino will step down as Executive Chair of American International Group, Inc. (AIG) effective September 15, 2026, and will transition to a Senior Advisor role to the CEO. John Rice, the current Lead Independent Director, has been elected as the new Chair of the Board, also effective September 15, 2026. Mr. Zaffino's departure from the Executive Chair role is not due to any disagreements with the company. His compensation arrangements remain unchanged as per his employment agreement. Mr. Rice, who has been on the Board since March 2022 and served as Lead Independent Director since January 2023, brings extensive experience from his previous roles at General Electric. The company expressed gratitude for Mr. Zaffino's leadership and anticipates continued benefit from his advisory role. This transition marks a new chapter for AIG as it focuses on advancing strategic priorities and sustainable growth.