By Yasin Ebrahim
Investing.com – AIG soared in after-hours trade Monday after the insurance company detailed plans to separate its life & retirement business to streamline. The company also said current President Peter Zaffino will replace Brian Duperreault as chief executive, starting Mar. 1.
American International Group (NYSE:AIG) was up 8% in after-hours trade.
In a further corporate shakeup, the company appointed Duperreault as executive chairman and Douglas M. Steenland, currently independent chairman as lead independent director starting March 1, 2021.
The move followed a comprehensive review of the company’s current composite structure, including strategic, operational, capital and tax implications, AIG said. As an independent company, the life & retirement business will be “well positioned to build value for shareholders by leveraging a broad product portfolio and diverse distribution to tailor its offerings to best meet the evolving needs of customers and distributors.”
The proposed spin-off separation would require the backing of regulators, shareholders and AIG directors, the company added.