Markets

AIG names new CEO, plans to spin off life and retirement unit

Key Points
  • Insurer American International Group on Monday named President Peter Zaffino as its new chief executive officer, and said it plans to spin off the life and retirement business unit from the parent company.
  • Shares of the company were up nearly 8% in extended trading.
  • Zaffino, who succeeds Brian Duperreault, will take charge from March next year.
AIG headquarters in New York City.
Adam Jeffery | CNBC

Insurer American International Group on Monday named President Peter Zaffino as its new chief executive officer, and said it plans to spin off the life and retirement business unit from the parent company.

Shares of the company were up nearly 8% in extended trading.

Zaffino, who succeeds Brian Duperreault, will take charge from March next year.

AIG said it is yet to make a decision on how to execute the unit separation, saying the board has plans to establish two independent, market-leading companies.