AIG EVP steps down; successor is named

American International Group (AIG) has appointed Peter Solmssen as executive vice president (EVP) and general counsel, effective October 18.

Solmssen succeeds Thomas Russo, who is retiring from the role of executive vice president, a position held since 2010.

Reporting to president and CEO Peter Hancock, Solmssen will oversee the global legal, compliance, regulatory and government affairs functions, and will serve as a member on AIG’s executive leadership team.

Solmssen has previously served as general counsel and head of corporate, legal and compliance, for Siemens, where he was a member of its managing board with responsibility for Siemens’ businesses in America.

“Peter brings a mission-driven perspective and sensibility to this role, which align perfectly with our focus on building and preserving trust, and delivering value for our customers and other key stakeholders,” said Hancock.

“He has exceptional corporate legal experience, and his insights on mitigating risk and managing legal and regulatory issues will be greatly valued as part of our leadership team.

“I want to thank Tom for the invaluable contributions he made not only at AIG, but over his entire outstanding career," continued Hancock.

"As one of the brightest legal minds in business, Tom has provided AIG with wise counsel on virtually every area where insurance, finance, and the law intersect. We wish Tom all the best in his well-deserved retirement. I, and all of AIG, will miss his friendship, counsel, and guidance.”

Solmssen added: “AIG is a great company with a great legal, compliance and regulatory team. Having spent my career helping lead major global organisations in addressing their most important challenges, I look forward to working with AIG’s leadership team in pursuing its mission of providing essential services to consumers and commercial customers around the world.”

Russo commented: “It has been a tremendous honour to work with Peter Hancock and so many of the outstanding, dedicated employees of AIG, and, in particular, my colleagues in the legal, compliance, regulatory, and government affairs teams.

“I am grateful for their support and friendship. I also want to welcome Peter Solmssen to AIG. With his impressive track record and deep expertise, he is perfectly suited for this critical role. I wish him every success.”