Lucy Fato to Assume Role of Vice Chair at AIG
American International Group announced that Lucy Fato will transition from her current role as Executive Vice President, General Counsel & Global Head of Communications and Government Affairs to Vice Chair at AIG, effective October 1, 2023. In this newly created role, Ms. Fato will report to Peter Zaffino, Chairman & Chief Executive Officer of AIG, and continue to support AIG’s journey to become a top performing global insurer.
Mr. Zaffino stated: “Since Lucy joined AIG in 2017, she has played a pivotal role in successfully navigating AIG’s complicated transformational work and executing on multiple complex workstreams that have transformed the company into what it is today. These include strengthening AIG’s governance framework and stakeholder engagement, assessing and enhancing our organizational health, leading the design of AIG’s Purpose & Values, positioning AIG and Corebridge Financial as separate standalone entities, navigating the complexities of the pandemic, and executing on a series of transactions and partnerships that have streamlined our portfolio and repositioned AIG for long-term profitable growth. I have valued Lucy’s involvement in so many critical moments for AIG, admire her work ethic and tireless commitment to making a difference, and look forward to her continued contributions in her new role.”
Ms. Fato stated: “It has been an honor to work with Peter, someone I have known for almost two decades and admire for his exceptional leadership, integrity, allyship and commitment to excellence. AIG’s accomplishments over the last few years have been extraordinary, and I look forward to continuing to collaborate with Peter in my new role and contributing to AIG’s ongoing success. Additionally, I am very proud of the talented colleagues in the Global Legal, Compliance, Regulatory, Government Affairs and Communications teams that I have had the privilege of leading and the important role they have played in the most complex turnaround and transformation in the history of the insurance industry.”
Rose Marie Glazer, Executive Vice President, Chief Human Resources & Diversity Officer, will serve as interim General Counsel and Head of Government Affairs and Jennifer Silane, Chief of Staff to the Chairman & CEO of AIG, will serve as interim Head of Global Communications in addition to their current roles until permanent successors for Ms. Fato are named.
Former Aviva CFO Stoddard joins BofA as investment banking vice chair
(Reuters) – Former Aviva Plc Chief Financial Officer Tom Stoddard joined Bank of America Corp as vice chairman of investment banking, according to an internal memo, returning to his advisory roots after a stint in the insurance industry.
Stoddard, who advised on such situations as American International Group Inc’s $182 billion bailout and restructuring during the financial crisis of 2008, will be based in New York and focus on financial institutions globally.
A Bank of America spokesman confirmed the appointment.
Stoddard was group CFO at Aviva between 2014 and 2019, where he helped the UK insurer improve ratings and restructure businesses. After leaving Aviva, Stoddard worked as interim group CFO at Athora and senior adviser at McKinsey & Co.
Before moving to the insurance industry, Stoddard worked on deals and financing transactions at firms including Blackstone Group Inc and Credit Suisse Group AG.
At Blackstone, he worked on several deals around AIG’s massive restructuring. In one of his assignments, he advised AIG to reject a $35 billion deal to sell its Asian life insurance business AIA to Prudential Plc after the buyer tried to cut the price. Instead, he advised AIG to pursue an IPO of the unit, raising some $20 billion.
(Reporting by Paritosh Bansal in New York; Editing by Muralikumar Anantharaman)