19 September 2014 Insurance

AIG unveils new leadership; Cowan and Wintrob retire

AIG has unveiled a new leadership team as two senior execs announce plans to retire.

Jay Wintrob, president and chief executive officer (CEO) of AIG life & retirement, will leave the company after over 25 years to pursue other opportunities.

Michael Cowan, executive vice president and chief administrative officer, is also set to retire after nearly five years of service.

The new leadership team, which will work under Peter Hancock, president and CEO of AIG, will be responsible for integrating the company.

“There is one business and it’s AIG,” said Hancock. “We need to focus as a leadership team on fundamental priorities and ensure that we execute against those priorities in the most disciplined way possible. While we have made enormous strides in improving the way we balance growth, profitability, and risk, we have more to do.”

The team consists of: Murli Buluswar, chief science officer; William Dooley, investments; John Doyle, commercial; Philip Fasano, chief information officer; Jose Hernandez, Asia Pacific; David Herzog, chief financial officer; Kevin Hogan, consumer; Jeffrey Hurd, human resources, communications, and administration; Seraina Maag, EMEA; Eric Martinez, claims and operations; Thomas Russo, general counsel; Sid Sankaran, chief risk officer; Robert Schimek, Americas.

Hancock said: “Stated simply, we are steadfastly working toward the goal of one AIG. We are committed to having the strongest balance sheet in the industry, recognising that we have learned that a federated business model exposes us to the weakest link in the chain. As a unified, global business, I firmly believe that this ensures we apply a comprehensive enterprise set of standards that keeps our risk appetite well within the capacity of our $100 billion capital base.

“Our leadership team – through both its composition and its operating practices – will be focused on making sure that we develop and execute clear strategies to continue to earn high value business, lower our expenses, devote capital to the right opportunities, and advance trust in AIG with all of our stakeholders.”

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