American International Group, Inc. Executive Chair Peter Zaffino Steps Down

What Happened American International Group, Inc. (AIG) announced that on September 1, 2026 Peter Zaffino notified the Board he will step down as Executive Chair and as a director effective September 15, 2026 (the Transition Date). On the Transition Date Mr. Zaffino will become a Senior Advisor to the CEO, and John Rice, AIG’s Lead Independent Director, will become Chair of the Board. The company says the resignation is not due to any disagreement with management or the Board.

Key Details

• Notification date: September 1, 2026; Transition Date: September 15, 2026.
• Mr. Zaffino will transition to Senior Advisor to the CEO; John Rice becomes Board Chair.
• AIG and Mr. Zaffino executed an amendment (Sept. 1, 2026) to his Employment Agreement (original Nov. 10, 2022; amended Jan. 3, 2026) confirming the transition does not change his compensation and is not a termination “without Cause” or “for Good Reason” under Sections 7(d)/7(e).
• A press release was attached as Exhibit 99.1 to the 8-K.

Why It Matters Board leadership is changing but AIG has documented continuity: the outgoing Executive Chair will remain with the company as a Senior Advisor and his compensation and employment status under the existing agreement are preserved. For investors, this signals an orderly governance transition (internal promotion of the lead independent director) rather than a sudden departure, which can affect perceptions of management stability and board oversight but does not, per the filing, reflect a dispute or termination event.