AIG Names Peter Zaffino COO Effective August 1

By Ciara LinnaneMarketsMarketWatch 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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