American International Group Inc. (AIG) reported that Olin Wethington, former special envoy on China, U.S. Department of the Treasury, has joined AIG as chairman of AIG Companies in China, a new position.
In this capacity, Wethington will oversee expansion of AIG’s businesses in China. Wethington will report to AIG Senior Vice Chairman Edmund S.W. Tse, and will work closely with Tse and with AIG President and Chief Executive Officer Martin Sullivan.
Wethington has extensive experience in government and the private sector involving China. He has served in a variety of senior positions in the U.S. Treasury Department, including special envoy on China in 2005; counselor to the Secretary of the Treasury; and assistant secretary for International Affairs.
Commenting on Wethington’s appointment, Sullivan said, “We are delighted that Olin Wethington will be joining AIG in such a senior position. Olin’s many accomplishments include negotiating on behalf of the U.S. government a number of financial market agreements with other countries. China is a very important market for AIG, dating from the earliest days of the company. AIG re-entered the Chinese insurance market in 1992, the first foreign company to do so, and we now have extensive life and non-life insurance operations in the major Chinese cities. Going forward, we expect to grow these businesses, as well as continue to develop our financial services and asset management operations. I expect Olin Wethington to be a key leader of our expansion efforts in China.”
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