American International Group, a global insurance company, this week announced the formation of a new Executive Leadership Team, designed to execute AIG’s strategic priorities. In addition, the company has named Alessa Quane as chief risk officer, in addition to her role as chief corporate actuary.
Quane will assume the CRO role from Sid Sankaran, who will become chief financial officer. She will then report to both Sankaran and to the board’s risk and capital committee.
“Our new management structure will ensure we have strong end-to-end accountability within the customer segments, so we can transform into a more efficient, less complex organization with accelerated decision-making in response to our clients’ needs,” AIG President and Chief Executive Officer Peter Hancock said in a statement.
Hancock said AIG will be focused on the following strategic priorities:
Narrowing our focus on clients, products, and geographies where we can grow profitably;
Driving for efficiency;
Growing through innovation and optimizing our data assets and client relationships; and
Returning excess capital to shareholders.
Reporting to Hancock on the Executive Leadership Team will be the following individuals:
Douglas Dachille, chief investment officer;
Philip Fasano, chief information officer;
Martha Gallo, chief auditor;
Kevin Hogan, CEO of consumer;
Jeffrey Hurd, executive vice president, transformation, human resources, and administration;
Seraina Maag, CEO of regional management and operations;
Thomas Russo, general counsel – legal, compliance, regulatory affairs, and government affairs;
Sid Sankaran, chief financial officer, who will maintain oversight of enterprise risk management;
Robert Schimek, CEO of commercial; and
Brian Schreiber, chief strategy officer and head of corporate marketing and communications.
David Herzog will continue as chief financial officer through the filing of AIG’s 2015 Form 10-K, before leaving the company after a period of transition. All other Executive Leadership Team appointments are effective immediately.