8-KLeadership ChangesExhibits & Filings

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Executive Changes (Jan 30, 2023)

Filed January 30, 2023For Securities:AIG

Summary

This 8-K filing by American International Group (AIG) reports a significant leadership change. On January 24, 2023, the company terminated Mark D. Lyons as Interim Chief Financial Officer due to violations of confidentiality and non-disclosure obligations. Importantly, these violations are stated to be unrelated to AIG's financial statements or reporting. In connection with his departure, AIG has entered into a settlement agreement with Mr. Lyons, agreeing to pay him $7.5 million. The filing also announces the appointment of Sabra Purtill as the new Interim Chief Financial Officer, effective January 25, 2023. Ms. Purtill brings extensive financial and risk management experience to the role, having previously served as Chief Investment Officer of Corebridge Financial, Executive Vice President and Chief Risk Officer of AIG, and Deputy Chief Financial Officer. Additionally, Turab Hussain has been appointed Interim Global Chief Actuary.

Key Highlights

  • 1Mark D. Lyons terminated as Interim CFO and Executive Vice President, Global Chief Actuary, and Head of Portfolio Management on January 24, 2023.
  • 2Termination was due to violations of confidentiality/non-disclosure obligations, explicitly stated as unrelated to financial reporting or reserves.
  • 3AIG has agreed to a settlement payment of $7.5 million to Mr. Lyons, payable in two installments in February 2023 and February 2024.
  • 4Sabra Purtill appointed as Interim Chief Financial Officer effective January 25, 2023.
  • 5Ms. Purtill has a strong background, including prior roles as Chief Investment Officer of Corebridge Financial, AIG's Chief Risk Officer, and Deputy CFO.
  • 6Turab Hussain appointed as Interim Global Chief Actuary effective January 30, 2023.
  • 7The filing includes the Settlement Agreement and a related press release as exhibits.

Frequently Asked Questions

Mark D. Lyons was terminated from his positions as Interim Chief Financial Officer and Executive Vice President, Global Chief Actuary, and Head of Portfolio Management due to violations of his confidentiality and non-disclosure obligations to the Company. AIG has emphasized that these violations are not related to the company's financial statements, financial reporting, or reserves.

AIG has entered into a settlement agreement with Mr. Lyons, agreeing to pay him an aggregate cash amount of $7.5 million. This payment will be made in two equal installments on or before February 15, 2023, and February 15, 2024.

Sabra Purtill has been appointed as AIG's Interim Chief Financial Officer, effective January 25, 2023. She brings significant experience, having previously served as Chief Investment Officer of Corebridge Financial, AIG's Chief Risk Officer, and Deputy Chief Financial Officer.

The filing explicitly states that the violations leading to Mr. Lyons' termination were unrelated to AIG's financial statements, financial reporting, or reserves. The appointment of an experienced interim CFO, Sabra Purtill, suggests a focus on continuity in financial operations.