8-KLeadership Changes

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Executive Changes (Oct 16, 2008)

Filed October 16, 2008For Securities:AIG

Summary

This Form 8-K filing from American International Group, Inc. (AIG) on October 16, 2008, announces a significant change in its executive leadership. David L. Herzog has been appointed as the new Executive Vice President and Chief Financial Officer, effective October 16, 2008. Mr. Herzog has a substantial internal history with AIG and its subsidiaries, most recently serving as Senior Vice President and Comptroller. This appointment occurs amidst a period of "comprehensive assessment of expenses and compensation" within AIG. Additionally, the filing confirms the departure of Steven J. Bensinger, who was serving as Executive Vice Chairman — Financial Services and acting Chief Financial Officer. Mr. Bensinger provided notice of his employment termination on October 9, 2008. His employment arrangements are currently under review, and no payments will be made pending the completion of this review, reflecting the company's broader cost-cutting and compensation assessment initiatives.

Key Highlights

  • 1David L. Herzog appointed Executive Vice President and Chief Financial Officer (CFO) of AIG, effective October 16, 2008.
  • 2Mr. Herzog has a long tenure within AIG and its subsidiaries, with his most recent role being Senior Vice President and Comptroller.
  • 3Steven J. Bensinger, the acting CFO and Executive Vice Chairman — Financial Services, has given notice of termination of his employment, effective October 9, 2008.
  • 4Mr. Bensinger's employment arrangements are subject to review, with no payments to be made pending the completion of this review.
  • 5The executive changes are occurring concurrently with AIG's "comprehensive assessment of expenses and compensation."
  • 6This filing highlights a period of significant executive transition and cost management at AIG during late 2008.

Frequently Asked Questions

David L. Herzog has been appointed as the new Executive Vice President and Chief Financial Officer of AIG, effective October 16, 2008.

AIG is undertaking a "comprehensive assessment of expenses and compensation" across the company. This is reflected in the review of Steven J. Bensinger's employment arrangements and the absence of immediate payments to him.

Steven J. Bensinger, who was serving as the acting CFO, has given notice of his termination of employment. His employment arrangements are currently under review, and no payments will be made pending the completion of this review.

David L. Herzog has a substantial internal history with AIG. He has served as Senior Vice President and Comptroller since June 2005. Prior to that, he held various leadership roles in AIG's life insurance operations, including Chief Operating Officer for domestic life insurance companies and CFO of Worldwide Life Insurance operations.