(Reuters) American International Group Inc (AIG.N) said on Thursday its Chief Executive Peter Hancock will step down, a decision he made after poor financial performance frustrated shareholders and the insurer’s board of directors. Hancock, 58, will remain as CEO until a successor is named. In a joint statement, neither he nor Chairman Douglas Steenland gave any clues as to who might replace him.
“Without wholehearted shareholder support for my continued leadership, a protracted period of uncertainty could undermine the progress we have made and damage the interests of our policyholders, employees, regulators, debtholders, and shareholders,” Hancock said.
Billionaire activist investor Carl Icahn, who is AIG’s fourth-largest investor, cheered Hancock’s departure: “We fully support the actions taken today by the board of AIG,” he tweeted.
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