Shane Fitzsimons

AIG has named insider Shane Fitzsimons as its new CFO, replacing Mark Lyons, as it prepares to spin off its life and retirement business.

Fitzsimons joined AIG in 2019 as global head of shared services and was most recently serving as chief administrative officer. Lyons, who has served as CFO since December 2018, will move into the newly created role of global chief actuary and head of portfolio management.

AIG said the changes were part of an effort to “further position the organization to deliver strong financial and operational performance over the long term and enhance its leadership team as part of the separation of the Life & Retirement business.”

Under its AIG 200 initiative, the insurer has been seeking to reduce its expense ratio and general operating expenses.

“Shane is a seasoned finance and operations executive with a strong track record of success,” CEO Peter Zaffino said in a news release. “His leadership and core capabilities accelerated the execution of AIG 200 during the global pandemic and established a strong foundation as we continue to instill a culture of operational excellence across AIG.”

Fitzsimons is a chartered accountant from Ireland and an alumnus of Rockwell College in County Tipperary. Before joining AIG, he spent 23 years at GE, including operational and financial leadership roles across the U.S., Asia, and Europe.

Zaffino said Lyons’s move to the role of global chief actuary “will further strengthen our focus on high-quality underwriting excellence and portfolio positioning, which underpins AIG’s overall growth strategy.”

AIG also announced that as part of its preparations for the life and retirement spinoff, Elaine Rocha, currently global chief operating officer, reinsurance, has been promoted to global chief investment officer. She will begin reporting to Fitzsimons in January 2022.

“Elaine’s broad experience and commitment to quality make her the ideal candidate to lead the investments group that will remain with AIG as we separate the Life & Retirement business,” Zaffino said.

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