Peter Zaffino Signs 5-Year Contract To Remain CEO at AIG

American International Group, Inc. (AIG), and Peter Zaffino, the company's president, CEO, and chairman, have entered into a 5-year agreement that will keep Mr. Zaffino with the company until November 2027.

"We are fortunate to have Peter continue as the CEO of AIG for at least the next 5 years," AIG board member John G. Rice said in a statement on behalf of the company's board. "Throughout his career, Peter has developed an excellent track record as a visionary, insightful leader with an ability to execute comprehensive transformational programs that turn his strategic vision into tangible, measurable success. Under Peter's leadership, AIG has delivered on ambitious operational and financial objectives and is well positioned to continue to drive long-term value for the company's shareholders and other stakeholders."

"Over the last few years, our global team has executed a complex, multifaceted turnaround and transformation to elevate AIG's performance and deliver value to our clients, distribution partners, shareholders, and other stakeholders," Mr. Zaffino said in the statement.

"We instilled a culture of underwriting and operating excellence, dramatically changed our risk tolerance, and transformed the way we work and collaborate across the organization," Mr. Zaffino said. "It is a privilege to lead AIG and our talented group of colleagues, and I look forward to continuing to build on our significant momentum on our journey to become a top-performing company and market leader in everything we do."