AIG Plans To Make Changes To Organizational Structure

(RTTNews) - American International Group Inc. (AIG) said that it is planning to make changes to its organizational structure.

The company will no longer have Commercial and Consumer segments, and will transition to: General Insurance, led by Peter Zaffino, as CEO; Life & Retirement, led by Kevin Hogan, CEO; and a stand-alone, technology-enabled platform, led by Seraina Macia, CEO.

General Insurance and Life & Retirement will each have distinct business units that reflect how business is marketed and underwritten. General Insurance will include Commercial, Personal Insurance, and U.S. and international field operations. Life & Retirement will include Group Retirement, Individual Retirement, Life, and Institutional Markets.

The company expects that its year-end financial reporting will reflect the new structure. AIG also intends to align its incentive and performance management systems accordingly.

As a result of the structure changes, Rob Schimek, CEO of Commercial, will be leaving the company at the end of October to pursue other interests.