Summary
American International Group, Inc. (AIG) has announced a significant leadership transition. Effective mid-year 2026, current Chairman & CEO Peter Zaffino will transition to the role of Executive Chair. Concurrently, Eric Andersen will join AIG as President and CEO-Elect on February 16, 2026, and is expected to succeed Mr. Zaffino as CEO following an orderly transition. This move signals a planned succession and a shift in leadership responsibilities within the company.
Key Highlights
- 1Peter Zaffino to transition from CEO to Executive Chair by mid-year 2026.
- 2Eric Andersen appointed President and CEO-Elect, effective February 16, 2026.
- 3Eric Andersen is expected to become CEO and join the Board after June 1, 2026.
- 4Mr. Zaffino's compensation as Executive Chair will be $15,000,000 annually, a reduction from his current CEO compensation.
- 5Mr. Andersen's initial target direct compensation as President and CEO-Elect is $14,000,000, increasing to $18,000,000 upon becoming CEO.
- 6Mr. Andersen will receive a $12,500,000 restricted stock unit award upon joining to offset forfeited equity from his previous employer.
- 7The transition is structured to ensure an orderly handover of responsibilities.
Frequently Asked Questions
Eric Andersen will join AIG as President and CEO-Elect on February 16, 2026, reporting to the current Chairman & CEO, Peter Zaffino. Mr. Zaffino will continue as Chairman & CEO until his transition to Executive Chair by mid-year 2026.
Eric Andersen is expected to succeed Peter Zaffino as CEO after June 1, 2026, following a period of orderly transition. He will also join the Board of Directors at that time.
As Executive Chair, Mr. Zaffino's annual target direct compensation will be $15,000,000, which includes a base salary of $1,500,000, a target short-term incentive of $6,000,000, and a 2027 long-term incentive opportunity of $7,500,000. This is a reduction from his current CEO compensation package.
Mr. Andersen's initial annual target direct compensation as President and CEO-Elect is $14,000,000, including a $1,250,000 base salary. Upon becoming CEO, his target direct compensation will increase to $18,000,000, with a $1,500,000 base salary. He will also receive a $12,500,000 restricted stock unit award upon joining.