AIG to Spin Off Life & Retirement, Names New CEO; Shares Jump

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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.

Read more at : https://www.investing.com/news/stock-market-news/aig-to-spin-off-life–retirement-business-names-new-ceo-shares-jump-2333438

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