AIG's Duperreault seeks acquisitions
In what appears to be a new strategic direction for the company, Brian Duperreault, American International Group's (AIG) new CEO, has said he wants to target acquisitions of companies and reduce the pace of share buybacks.
Duperreault said he would like to slow the pace of share buybacks and instead spend on acquisitions, according to a June 28 Reuters report.
As part of a two-year turnaround plan, the company had embarked on a strategy of share buybacks, under former CEO Peter Hancock. It planned to return $25 billion of capital to investors by year-end.
Duperreault took the reins of AIG in May. Hancock revealed in March he would leave once a replacement was found, citing a lack of confidence from investors.
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