AIG Names Peter Hancock CEO - Quick Facts

(RTTNews) - American International Group, Inc. (AIG) announced that it has named Peter Hancock as President and Chief Executive Officer or CEO, AIG, effective September 1. Hancock will succeed Robert Benmosche, who currently is AIG President and Chief Executive Officer.

The company also said that Hancock will join AIG's Board of Directors, effective September 1. He currently serves as Executive Vice President, AIG, and Chief Executive Officer of AIG Property Casualty.

As of September 1, Benmosche is expected to resign from the AIG Board of Directors and will assume an advisory role at AIG. In that capacity, Benmosche will advise the CEO and continue to be involved in AIG's internal leadership development programs, as well as mentor and coach AIG managers, AIG stated.

Giving a brief description about Hancock, AIG said he joined the company in 2010 and was named Chief Executive Officer of AIG Property Casualty in March 2011, when the division was reorganized into two major global groups: Commercial and Consumer. He had previously served as Executive Vice President, Finance, Risk, and Investments, AIG.

Hancock has spent his entire career in financial services, including 20 years at J.P. Morgan, where he established the Global Derivatives Group, ran the Global Fixed Income business and Global Credit portfolio, and served as the firm's Chief Financial Officer and Chief Risk Officer. He joined AIG from KeyCorp, where he was Vice Chairman, responsible for Key National Banking.