Pursuits
AIG Says CEO Hancock to Quit
- Hancock’s exit is ‘significant positive,’ analyst says
- CEO says he’s stepping down due to low investor support
AIG CEO Quits After Massive Loss
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American International Group Inc. Chief Executive Officer Peter Hancock is stepping down after posting four losses in six quarters, results that hurt investors including activists Carl Icahn and John Paulson.
Hancock, 58, will remain CEO until a successor is named, the New York-based insurer said Thursday in a statement. The company’s board said it will conduct a comprehensive search for a new leader, after meeting Wednesday as part of an annual review into the firm’s performance.