AIG to Hold Strategy Update on Jan. 26 Amid Icahn Pressureby
CEO Peter Hancock has rebuffed Icahn's plan to split up
Insurer says fourth-quarter earnings to be announced Feb. 11
American International Group Inc., the insurer that has rebuffed activist investor Carl Icahn’s push to divide into three companies, set a Jan. 26 presentation to outline Chief Executive Officer Peter Hancock’s vision.
The presentation will be a live webcast at 8 a.m. New York time, the company said Wednesday in a statement. The insurer also said it will report fourth-quarter results on Feb. 11.
AIG has promised to update investors with strategic plans and “accelerate its previously announced strategy” after Icahn said in November that he may propose the addition of a director who would agree to succeed Hancock if asked to do so by the board. Hancock has said it makes sense to keep both property-casualty and life insurance operations, but that he is prepared to sell some assets.
At the strategy session, AIG will provide a “proactive plan to drive shareholder value,” the insurer said in the statement.