AIG Names Peter Zaffino COO Effective August 1

By Ciara Linnane Markets MarketWatch Pulse

American International Group Inc. said it has named Peter Zaffino as its new chief operating officer, effective August 1. Zaffino comes to the role from Marsh LLC, a unit of insurance brokerage Marsh & McLennan Cos. Inc. , where he was chief executive. Zaffino has also done stints at Guy Carpenter & Co. and at a GE Capital portfolio company. He will have a base salary of $1.25 million, a short-term annual bonus target of $3 million and an annual long-term incentive award of $4.25 million. The executive will also receive a signing-on bonus of $15 million, partly in the form of stock options. AIG shares were slightly lower premarket, but are down 3.8% in 2017, while the S&P 500 has gained 8.7%.

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