The board of directors of American International Group Inc (NYSE:AIG) promotes Peter D. Hancock as president and CEO effective September 1. Peter will also join the board of the insurance giant. Prior to his promotion, Mr. Hancock served as executive vice president of AIG and chief executive officer of the AIG Property casualty unit. The news comes as CEO Robert H. Besmosche announces that he will step down.

AIG

 

AIG’s Besmosche will assume an advisory role

Mr. Hancock will replace the insurance giant’s current president and CEO Robert H. Besmosche. Besmosche will assume an advisory at American International Group Inc (NYSE:AIG) after vacating his leadership position.

Mr. Besmosche will advise to Mr. Hancock and will continue to be involved in the internal leadership development programs, coach and mentor managers of the insurance giant in his capacity as advisor.

Hancock is ‘uniquely qualified’ to lead AIG

In a statement from the company, Robert S. Miller, chairman of the board of directors of American International Group Inc (NYSE:AIG) emphasized that Mr. Hancock is “uniquely qualified to lead” the insurance giant and its employees towards attaining success in the future.

“Peter’s deep experience in financial services, including as a strong risk manager; his understanding of the AIG enterprise and the insurance business as a whole; his success in revitalizing AIG’s property casualty business; and his strong leadership and inclusive relationship skills position him perfectly to lead the company to an even more prosperous future,” Miller daid.

Furthermore, Miller said the board of directors of American International Group Inc (NYSE:AIG) is greatly confident that Mr. Hancock is a person whom clients, distribution partners, employees, investors and regulators can place great trust.

Moreover, Miller said, “Peter will continue advancing the core strategies and priorities of AIG with integrity and a profound sense of the responsibility that AIG exceed the expectations – financial, regulatory, and community – of all of our stakeholders. I, along with the rest of AIG’s Board, look forward to helping Peter chart a prosperous course for AIG’s future.”

AIG is now a stronger company

Miller pointed out that American International Group Inc (NYSE:AIG) is now as stronger company compared to five years ago. According to him, the insurance giant is currently focused on what the company considers to be its core mission—to help people and businesses worldwide prepare for the future, recover from loss, and retire with confidence.

In reaction to his promotion, Mr. Hancock said, “I am deeply honored to take on this responsibility as our entire organization unites around a commitment to excellence in every aspect of our work. Under Bob’s leadership, AIG has re-emerged from crisis as a pre-eminent leader in the global insurance industry… Today, a far stronger American International Group Inc (NYSE:AIG) has the opportunity to extend our industry-leading positions as we continue to set new standards of quality for our customers and distribution partners worldwide. I look forward to working with our board, our management team, and our exceptionally talented employees and distribution partners to create value for all of our stakeholders.”