By Yasin Ebrahim
Investing.com – AIG soared in after-hours trade Monday after the insurance company detailed plans to separate its life & retirement business to streamline. The company also said current President Peter Zaffino will replace Brian Duperreault as chief executive, starting Mar. 1.
American International Group (NYSE:) was up 8% in after-hours trade.
In a further corporate shakeup, the company appointed Duperreault as executive chairman and Douglas M. Steenland, currently independent chairman as lead independent director starting March 1, 2021.
The move followed a comprehensive review of the company’s current composite structure, including strategic, operational, capital and tax implications, AIG said. As an independent company, the life & retirement business will be “well positioned to build value for shareholders by leveraging a broad product portfolio and diverse distribution to tailor its offerings to best meet the evolving needs of customers and distributors.”
The proposed spin-off separation would require the backing of regulators, shareholders and AIG directors, the company added.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.