8-KLeadership ChangesExhibits & Filings

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Executive Changes (Dec 7, 2018)

Filed December 7, 2018For Securities:AIG

Summary

This 8-K filing from American International Group, Inc. (AIG) announces a significant leadership change in its finance department. Effective December 4, 2018, Mark D. Lyons has been appointed as the new Executive Vice President and Chief Financial Officer, succeeding Siddhartha Sankaran. Mr. Lyons brings a wealth of experience, having previously served as CFO of Arch Capital Group and holding various roles at other prominent insurance companies, including a prior stint at AIG. The departure of Mr. Sankaran is accompanied by an agreement for him to remain with AIG in an advisory capacity through the year-end reporting process for fiscal year 2018. Upon his separation, Mr. Sankaran is entitled to severance benefits as outlined in AIG's existing executive severance plans. Investors should note that details regarding Mr. Lyons' compensation in his new role will be disclosed in a future amendment to this filing.

Key Highlights

  • 1Mark D. Lyons appointed as Executive Vice President and Chief Financial Officer, effective December 4, 2018.
  • 2Siddhartha Sankaran departs as CFO but will remain with AIG in an advisory role until the end of 2018.
  • 3Mr. Lyons has extensive experience in the insurance industry, including a previous tenure at AIG and a recent role as CFO of Arch Capital Group.
  • 4Mr. Sankaran will receive severance benefits in accordance with AIG's established executive severance plans.
  • 5The filing includes exhibits for the separation agreement with Mr. Sankaran and the press release announcing the executive changes.
  • 6Details on Mr. Lyons' new compensation package are pending and will be disclosed in an amendment.

Frequently Asked Questions

Mark D. Lyons has been appointed as the new Executive Vice President and Chief Financial Officer of AIG, effective December 4, 2018.

Siddhartha Sankaran will remain with AIG in an advisory capacity to assist with the year-end reporting process for fiscal year 2018. He will be entitled to severance benefits upon his final separation.

Mark D. Lyons has a significant background in the insurance sector. He previously served as Executive Vice President, Chief Financial Officer and Treasurer of Arch Capital Group since 2012. He joined Arch Capital Group in 2002 and held various leadership positions within its U.S. operations. Prior to that, Mr. Lyons held positions at Zurich U.S., Berkshire Hathaway, and AIG.

This filing does not indicate any immediate changes to AIG's financial reporting standards. The report confirms AIG is an emerging growth company and does not specify electing out of the extended transition period for new accounting standards.