American International Group has set a firm date for a change atop its boardroom. Peter Zaffino will step down as Executive Chair and a member of the Board of Directors, effective September 15, 2026, and the insurer has elected John Rice, AIG’s Lead Independent Director, to serve as Chair of the AIG Board of Directors effective September 15, 2026, according to a statement dated September 2, 2026. Mr. Zaffino will become a Senior Advisor to the company, and in this role, he will continue to support the company’s executive leadership transition.
Rice’s Ascent to the Chair
Mr. Rice has been a member of the Board since March 2022, and has served as AIG’s Lead Independent Director since January 2023. AIG’s statement, which confirmed the timeline for both moves, sets both changes effective September 15, 2026.
Zaffino Moves to an Advisory Role
In his own remarks, Zaffino said, “Following my transition to Executive Chair earlier this year, I look forward to serving AIG as a Senior Advisor, working with the Board of Directors and President & CEO Eric Andersen through this thoughtful approach to our leadership transition.” He added, “With AIG entering its next chapter, now is the right time for the next phase of leadership.” AIG’s release also carried both executives’ remarks on the transition.
A GE Veteran Takes the Gavel
Most recently before joining AIG’s board, Mr. Rice’s prior role was at GE Gas Power: he was Non-Executive Chairman of GE Gas Power from 2018 to 2020. Earlier still, Mr. Rice was President and Chief Executive Officer of the GE Global Growth Organization for seven years. Rice’s career also includes broader General Electric leadership. He held other senior leadership positions with General Electric in global markets, including Hong Kong, Singapore and Canada, before retiring from GE as Vice Chairman in 2018. Outside AIG, Mr. Rice is a trustee of Emory University and Hamilton College, and he currently serves on the board of Baker Hughes Company. AIG’s release also detailed Rice’s biography alongside the announcement.
Board Continuity in Rice’s and Zaffino’s Own Words
Rice used his own statement to credit his predecessor directly. He said, “I want to thank Peter for his exceptional leadership and lasting contributions to AIG. Under his tenure, AIG strengthened its competitive position and created significant long-term value for shareholders.” Rice added, “we are grateful that AIG will continue to benefit from Peter’s guidance and advice.”
On his own board role, Rice said, “I am honored to continue to have a leadership role on AIG’s Board, now as its Chair, working closely with my fellow Directors, President & CEO Eric Andersen, and AIG’s leadership team as we advance the company’s strategic priorities, maintain strong governance and remain focused on delivering sustainable, profitable growth.”
For his part, Zaffino said, “I was pleased to have the opportunity to work closely with Eric Andersen at the start of this transition and look forward to continuing to work closely with John Rice as he assumes the role of Chair.”
Other Recent Leadership Announcements
AIG’s board announcement was reported separately from other leadership changes disclosed this year, including Aon’s CFO transition and new specialty leadership named at Willis Re. It also follows other recent AIG corporate news, including the completion of AIG’s Corebridge separation and its most recent underwriting results. American International Group, Inc. (NYSE: AIG) is a leading global insurance organization.
