American International Group, Inc. (NYSE: AIG) announced a leadership transition on September 2, 2026, regarding its Board of Directors. Peter Zaffino, the Company’s Executive Chair, has informed the Board that he will step down from his position and as a member of the Board effective September 15, 2026.
Under the terms of the transition, Mr. Zaffino will become a Senior Advisor to the Company’s President & CEO, Eric Andersen. The Board has elected John Rice, who currently serves as the Company’s Lead Independent Director, to assume the role of Chair of the Board effective September 15, 2026.
Mr. Rice has been a member of the AIG Board since March 2022 and has served as Lead Independent Director since January 2023. Prior to his tenure at AIG, he served as Non-Executive Chairman of GE Gas Power from 2018 to 2020 and was President and CEO of the GE Global Growth Organization for seven years. He also held various other senior leadership positions with General Electric before retiring as Vice Chairman in 2018.
The Company stated that Mr. Zaffino’s resignation is not due to any disagreement with the Company, its management, or the Board. On September 1, 2026, AIG and Mr. Zaffino entered into an amendment to his Employment Agreement. This amendment confirms that the transition to the Senior Advisor role will not result in changes to his compensation or constitute a termination without Cause or for Good Reason.
