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5 months ago
AIG looks at penalizing or ousting CEO over turnaround plan -WSJ
February 27, 2017 / 6:48 PM / 5 months ago

AIG looks at penalizing or ousting CEO over turnaround plan -WSJ

1 Min Read

Feb 27 (Reuters) - American International Group Inc's directors are discussing whether to penalize or oust Chief Executive Peter Hancock over a major setback in the insurance firm's turnaround plan, the Wall Street Journal reported, citing people familiar with the matter.

Fifteen directors are expected to debate on various potential actions at a board meeting in early March, the report said. (on.wsj.com/2lYNS53)

The goals for AIG's restructuring plan include returning $25 billion to shareholders and becoming a "leaner, more profitable and focused insurer" by trimming its property and casualty business and shedding unwanted assets.

AIG could not be immediately reached for comment. (Reporting by Nikhil Subba in Bengaluru; Editing by Anil D'Silva)

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