NEW YORK - Insurer American International Group on Monday said its board approved a plan to separate the life and retirement business from the rest of the company, and named president Peter Zaffino as chief executive officer, effective next year.Mr Zaffino, 53, who succeeds 73-year-old Brian Duperreault, will take charge in March. Mr Zaffino will be AIG's seventh CEO since 2005.
The board's decision does not rule out a single sale and any proposed transactions will also need board approval, AIG said. He has focused on sharpening underwriting, doing more with worthwhile customers, investing in technology, restoring talent and cutting costs. AIG has struggled to right itself after a US$182 billion US taxpayer bailout in 2008 to save it from collapse. Since then, the company has sold off big chunks to repay the debt plus a US$22.7 billion return.
The separation of AIG's life insurance business echoes a move pushed by billionaire activist investor Carl Icahn, who targeted the insurer in 2015 with a break-up plan that was also supported by former hedge fund manager John Paulson.
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