Peter Hancock, CEO of American International Group, has announced his upcoming departure. P. Hancock, who took over the management of AIG in 2014, will nontheless remain at his post until the appointment of his successor.
This resignation comes at a time when the group is going through a delicate period due to pressure from shareholders and misfires in the restructuring plan.
Announced at the beginning of 2016 by Peter Hancock, the plan aimed at divesting assets deemed non-strategic, reducing costs and paying high dividends to shareholders. This strategy was objected by some shareholders, including Carl Icahn and John Paulson, who advocated splitting the group into three independent entities in order to improve shareholders' remuneration.
At the end of 2016, AIG's results were disappointing with a net loss of 849 million USD against a profit of 2.2 billion USD a year earlier.
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