8-KLeadership ChangesExhibits & Filings

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Executive Changes (Aug 6, 2018)

Filed August 6, 2018For Securities:AIG

Summary

This 8-K filing by American International Group, Inc. (AIG) primarily announces a key leadership change within its finance department. Jonathan Wismer has been appointed as the new Deputy Chief Financial Officer and Chief Accounting Officer, effective immediately. This appointment signifies a transition as Mr. Wismer succeeds Elias Habayeb, who has moved to a Chief Financial Officer role within the General Insurance segment. Investors should note this change in principal accounting officer as it can be important for oversight and financial reporting integrity. The filing also details Mr. Wismer's compensation package, including an annual base salary of $600,000, a target short-term incentive of $600,000, and a target long-term incentive of $800,000. This compensation structure is in line with AIG's executive compensation policies and includes provisions for clawbacks and executive severance. Mr. Wismer's prior experience at Zurich Insurance Group and Liberty Mutual Group is also provided, offering insight into his background and qualifications for the role.

Key Highlights

  • 1Appointment of Jonathan Wismer as Deputy CFO and Chief Accounting Officer, effective August 6, 2018.
  • 2Elias Habayeb transitions from Principal Accounting Officer to CFO of General Insurance.
  • 3Mr. Wismer's initial compensation includes a $600,000 base salary, $600,000 target short-term incentive, and $800,000 target long-term incentive.
  • 4Mr. Wismer's compensation is subject to AIG's Clawback Policy and Executive Severance Plan.
  • 5Mr. Wismer brings prior experience from Zurich Insurance Group and Liberty Mutual Group.
  • 6The appointment includes standard non-solicitation and non-disclosure agreements.
  • 7No undisclosed arrangements or material interests exist for Mr. Wismer related to his appointment.

Frequently Asked Questions

Jonathan Wismer has been appointed as the Deputy Chief Financial Officer and Chief Accounting Officer of AIG, effective August 6, 2018.

Mr. Wismer's initial compensation includes an annual base salary of $600,000, a target short-term incentive compensation of $600,000, and a target long-term incentive compensation of $800,000. These incentives are prorated for 2018 and subject to the terms of AIG's incentive plans and clawback policies.

This appointment is significant as it involves a change in the principal accounting officer, who is responsible for the integrity of financial reporting. Mr. Wismer's background and compensation are detailed, providing transparency into the company's executive leadership and financial oversight.

Jonathan Wismer has significant financial experience, most recently serving as Group Controller at Zurich Insurance Group from February 2015 to May 2018. Prior to that, he spent nine years at Liberty Mutual Group, where he held positions including Senior Vice President & Chief Financial Officer for Liberty International.