Peter Zaffino to Depart AIG in Major Executive Reshuffle
American International Group (AIG) announced on Tuesday that Chief Executive Peter Zaffino will step down from his role, effective March 1, 2026. This move marks a significant shift in the leadership of one of the world's largest insurance and financial services organizations. Zaffino, who has been with the company since 2017 and served as CEO since 2020, will transition to the role of senior advisor to the CEO and remain a board member through the end of the year to ensure a smooth transition. The successor to Zaffino is Antony (Tony) LeBlanc, the current President of AIG, who will assume the CEO position. LeBlanc has been a pivotal figure in AIG's recent success, having joined the company in 2018 to lead the General Insurance division. His promotion is seen as a move to maintain continuity in AIG's strategic direction, particularly regarding its efforts to improve underwriting profitability and expand its presence in the high-net-worth insurance market. During his tenure, Peter Zaffino spearheaded a comprehensive turnaround strategy designed to reshape AIG's portfolio and bolster its financial stability. This strategy involved divesting non-core assets, enhancing risk management protocols, and investing heavily in technology and data analytics to modernize the insurance underwriting process. Under his leadership, AIG successfully navigated the complexities of the COVID-19 pandemic, maintained strong liquidity, and consistently delivered on its ambitious financial targets. Notably, Zaffino oversaw the full launch of AIG's Center for Innovation, which focuses on digital transformation and the development of new insurance products tailored to the evolving needs of a digital-first economy. The executive reshuffling also sees the departure of Mark Lyons, the current CFO. Lyons, who played a crucial role in financial discipline and capital management, will leave the company to pursue other opportunities. His exit follows a period of robust financial performance for AIG, which has seen its stock price recover significantly from historical lows. The board of directors expressed deep gratitude to Zaffino for his transformative leadership, noting that he positioned AIG for long-term success in a rapidly changing global insurance landscape. Industry analysts suggest that the appointment of LeBlanc signals a 'business as usual' approach regarding AIG's core strategic initiatives. LeBlanc is highly regarded for his operational expertise and his ability to drive profitable growth within the General Insurance segment. His focus is expected to remain on the 'AIG 200' initiative, a program designed to drive sustainable value creation through operational efficiency and disciplined capital allocation. The changes come at a critical juncture for the insurance sector, which faces challenges from climate change, cyber risks, and fluctuating interest rates. AIG's ability to pivot and adapt to these macro-environmental factors will be a key test for its new leadership. The company's board has reaffirmed its commitment to the current strategic roadmap, ensuring that the transition does not signal a shift in the company's fundamental direction. Peter Zaffino's departure is viewed by the market as an orderly succession plan rather than a reaction to internal strife or performance issues, reflecting a maturing governance structure within the historic firm.