AIG CEO Hancock Shakes Up Executive Team; Herzog, Doyle Out

American International Group Inc. today unveiled a new executive leadership team reporting to CEO Peter Hancock, which Hancock says will ensure “strong end-to-end accountability within the customer segments” and transform AIG into a “more efficient, less complex organization with accelerated decision-making.”

The shake-up will result in several executives leaving the company after what the company said would be a period of transition. Those leaving include David Herzog, Chief Financial Officer; John Doyle, Executive Vice President and Chief Executive Officer Commercial Insurance; Jose Hernandez, Senior Vice President and Chief Executive Officer Asia Pacific; and Eric Martinez, Executive Vice President Global Claims and Operations.

Hancock called the new executive team a “dynamic, highly skilled group of executives.” Members of the new executive leadership team who will report to Hancock are:

Herzog will continue as Chief Financial Officer through the filing of AIG’s 2015 Form 10-K. Sankaran will continue as Chief Risk Officer until he becomes Chief Financial Officer (at which time Alessa Quane will become Chief Risk Officer and continue in the role of Chief Corporate Actuary). All other executive leadership team appointments are effective immediately.

Hancock, who has been under pressure by activist investor Carl Icahn to split AIG into separate companies, said AIG is moving ahead with a “continued sense of urgency” on these strategic priorities: narrowing its focus to profitable clients, products and geographies; driving for efficiency; growing through innovation and optimizing data assets and client relationships; and returning excess capital to shareholders.

He thanked the senior leaders who will be departing AIG. “I am grateful for their years of distinguished service. Their leadership has been invaluable in positioning AIG for long-term growth and sustainable profitability,” Hancock said.