AIG has named insider Shane Fitzsimons as its new CFO, changing Mark Lyons, as it prepares to spin off its daily life and retirement company.
Fitzsimons joined AIG in 2019 as worldwide head of shared services and was most not too long ago serving as main administrative officer. Lyons, who has served as CFO considering that December 2018, will transfer into the newly created role of worldwide main actuary and head of portfolio management.
AIG said the alterations have been section of an exertion to “further posture the corporation to provide solid money and operational functionality more than the long term and enrich its leadership crew as section of the separation of the Lifestyle & Retirement company.”
Beneath its AIG two hundred initiative, the insurer has been looking for to minimize its expense ratio and basic working charges.
“Shane is a seasoned finance and operations govt with a solid keep track of file of achievements,” CEO Peter Zaffino said in a information launch. “His leadership and main abilities accelerated the execution of AIG two hundred throughout the worldwide pandemic and proven a solid basis as we continue to instill a culture of operational excellence across AIG.”
Fitzsimons is a chartered accountant from Ireland and an alumnus of Rockwell Faculty in County Tipperary. Ahead of joining AIG, he put in 23 several years at GE, like operational and money leadership roles across the U.S., Asia, and Europe.
Zaffino said Lyons’s transfer to the role of worldwide main actuary “will further more reinforce our target on higher-top quality underwriting excellence and portfolio positioning, which underpins AIG’s in general advancement system.”
AIG also announced that as section of its preparations for the daily life and retirement spinoff, Elaine Rocha, presently worldwide main working officer, reinsurance, has been promoted to worldwide main expenditure officer. She will get started reporting to Fitzsimons in January 2022.
“Elaine’s broad knowledge and commitment to top quality make her the great applicant to direct the investments group that will stay with AIG as we independent the Lifestyle & Retirement company,” Zaffino said.