Billionaire investor Carl Icahn may not be happy with American International Group's new restructuring plans, but AIG CEO Peter Hancock said Wednesday that doesn't hold true of all investors.
"Shareholders like the basic elements of the plan. It increases transparency. It returns capital to them, and it recognizes some of the unique tax attributes that AIG has, and the loss of those tax attributes if you were to break it up in an aggressive way in the short term," he told CNBC's "Squawk Box."
AIG said last week it would spin off its mortgage insurance unit and sell its broker-dealer network as part of the sweeping changes it has been promising shareholders as it fends off Icahn.
The activist investor has said the giant insurer should split into three — an idea that Hancock has rebuffed. The move would return more cash to shareholders, Icahn has said, helping AIG rid itself of the regulatory burden of being a too-big-to-fail insurer, which requires higher capital cushions in the United States.
Icahn called AIG's alternative proposal inadequate and said he is moving forward with plans to assemble a number of directors he would like to place on its board.