(Reuters) - American International Group Inc (N:AIG) on Thursday promoted David McElroy to the post of chief executive officer of general insurance and executive vice president with immediate effect.
McElroy, who was president and chief executive officer of the North American operations of general insurance at AIG, will also join the AIG executive leadership team and report to Peter Zaffino, the insurer's president and global chief operating officer. [nBw9G8kn9a]
McElroy takes over the role of CEO, general insurance from Zaffino in a move that gives Zaffino more time to spend on corporate-wide initiatives and puts him in place to eventually take over as CEO from Brian Duperreault, Wells Fargo (NYSE:WFC) analyst Elyse Greenspan said.
Zaffino was named president of AIG, one of the largest U.S. insurers, in December. (https://reut.rs/3fRZhfd)
"Our view has always been that Duperreault would step down and hand the reins over to Zaffino when there was line of sight to consistent improved performance within its General Insurance business," Greenspan said.