AIG names new CEO, plans to spin off life and retirement unit

© Reuters. The AIG logo is seen at its building in New York’s financial district

(Reuters) – Insurer American International Group Inc (N:) on Monday named President Peter Zaffino as its new chief executive officer, and said it plans to spin off the life and retirement business unit from the parent company.

Shares of the company were up nearly 8% in extended trading.

Zaffino, who succeeds Brian Duperreault, will take charge from March next year.

AIG said it is yet make a decision on how to execute the unit separation, saying the board has plans to establish two independent, market leading companies.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Comments are closed.