8-KLeadership ChangesExhibits & Filings

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Executive Changes (Jun 23, 2023)

Filed June 23, 2023For Securities:AIG

Summary

American International Group, Inc. (AIG) filed an 8-K on June 23, 2023, to announce significant leadership changes in its finance department. Shane Fitzsimons has stepped down as Chief Financial Officer (CFO) following a medical leave of absence, and will receive compensation and benefits as per AIG's established severance and long-term incentive plans. The company has permanently appointed Sabra Purtill as the new CFO, effective immediately, replacing her interim role which began in January 2023. Ms. Purtill's permanent appointment comes with a new compensation package designed to align with her executive responsibilities. This includes a substantial annual target direct compensation of $5,600,000, comprising base salary, short-term incentive, and a significant long-term incentive award for 2024. Additionally, she will receive restricted stock units and is eligible for severance benefits, with all incentive compensation subject to AIG's clawback policies. These changes indicate a strategic move to solidify leadership within AIG's financial operations.

Key Highlights

  • 1AIG's CFO, Shane Fitzsimons, has stepped down due to medical reasons and will receive applicable severance and incentive plan benefits.
  • 2Sabra Purtill, previously Interim CFO, has been appointed as the permanent Chief Financial Officer of AIG.
  • 3Ms. Purtill's new compensation package includes an annual target direct compensation of $5,600,000.
  • 4Her compensation includes a $1,000,000 base salary, a $1,700,000 target short-term incentive for 2023, and a $2,900,000 target long-term incentive for 2024.
  • 5Ms. Purtill will also receive $1,250,000 in restricted stock units (RSUs) vesting over three years.
  • 6She is eligible for severance benefits under AIG's 2012 Executive Severance Plan.
  • 7All incentive compensation awarded to Ms. Purtill is subject to AIG's Clawback Policy.

Frequently Asked Questions

Shane Fitzsimons has stepped down from his position as Chief Financial Officer of AIG following a medical leave of absence.

Sabra Purtill, who has been serving as AIG's Interim Chief Financial Officer since January 2023, has been appointed as the Company's Chief Financial Officer on a permanent basis.

Ms. Purtill's initial annual target direct compensation is set at $5,600,000. This is comprised of a $1,000,000 annual base salary, a target 2023 short-term incentive opportunity of $1,700,000, and a target 2024 long-term incentive award opportunity of $2,900,000.

Yes, Ms. Purtill will receive an award of restricted stock units valued at $1,250,000 under AIG's Long Term Incentive Plan, which will vest in three equal tranches over three years.