AIG Says CEO Peter Hancock Plans To Resign, Will Stay On Until Successor Found

American International Group Inc. said Thursday its chief executive, Peter Hancock, has informed the board of his intention to resign his position. The insurer said Hancock has agreed to remain at the company until a successor has been found. The CEO was named to the role in September 2014, after serving as CEO of the AIG Property Casualty. The executive joined the company in 2010 as executive vice president of financial, risk and investments. "Without wholehearted shareholder support for my continued leadership, a protracted period of uncertainty could undermine the progress we have made and damage the interests of our policyholders, employees, regulators, debtholders, and shareholders," he said in a statement. AIG shares rose 2% in premarket trade and are up 23% in the last 12 months, while the S&P 500 has gained 19% and the Dow Jones Industrial Average has gained 23%.

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