AIG has named insider Shane Fitzsimons as its new CFO, changing Mark Lyons, as it prepares to spin off its existence and retirement business enterprise.
Fitzsimons joined AIG in 2019 as world-wide head of shared expert services and was most not long ago serving as main administrative officer. Lyons, who has served as CFO considering that December 2018, will transfer into the freshly produced function of world-wide main actuary and head of portfolio management.
AIG claimed the improvements ended up element of an work to “further position the group to provide solid economical and operational performance more than the long time period and increase its management workforce as element of the separation of the Lifetime & Retirement business enterprise.”
Underneath its AIG two hundred initiative, the insurance company has been trying to find to decrease its expenditure ratio and common functioning expenditures.
“Shane is a seasoned finance and functions government with a solid monitor document of success,” CEO Peter Zaffino claimed in a news release. “His management and main capabilities accelerated the execution of AIG two hundred during the world-wide pandemic and proven a solid basis as we carry on to instill a lifestyle of operational excellence throughout AIG.”
Fitzsimons is a chartered accountant from Eire and an alumnus of Rockwell Faculty in County Tipperary. Right before signing up for AIG, he put in 23 decades at GE, which include operational and economical management roles throughout the U.S., Asia, and Europe.
Zaffino claimed Lyons’s transfer to the function of world-wide main actuary “will further improve our target on superior-high-quality underwriting excellence and portfolio positioning, which underpins AIG’s over-all growth method.”
AIG also announced that as element of its preparations for the existence and retirement spinoff, Elaine Rocha, at this time world-wide main functioning officer, reinsurance, has been promoted to world-wide main expense officer. She will get started reporting to Fitzsimons in January 2022.
“Elaine’s broad expertise and dedication to high-quality make her the perfect prospect to direct the investments team that will continue to be with AIG as we individual the Lifetime & Retirement business enterprise,” Zaffino claimed.