Monday, American International Group Inc.(AIG), the insurer rescued by the U.S., made several senior appointments, naming a new head of human resources and a new chief administrative officer, reports said.
Citing an internal memo, reports said the New York-based company named its chief administrative officer, Jeff Hurd as the head of human resources and recruited Michael Cowan, a former senior vice president of global corporate services from Merrill Lynch (MER) to take Hurd's old post.
Cowan, who has been at Merrill since 1986 will will oversee the company's operations and systems, corporate administration, and the "separation office," which focuses on readying businesses for deals.
In addition, AIG said senior vice-president of communications Nick Ashooh is leaving to join aluminum giant Alcoa Inc. (AA) as its head of corporate affairs. Ashooh is being succeeded by Christina Pretto, who is presently vice president of corporate media relations, according to the internal memo.
Benmosche, who took over at AIG in August, is seeking to replace executives who have departed after the company's $182.3 billion government bailout. The new appointments follow last week's resignation of AIG's general counsel and vice chairman Anastasia Kelly, who had oversight of human resources and communications.
Ms. Kelly, who had been with AIG since 2006, resigned after her pay was cut significantly as a result of limits imposed by U.S. pay czar Kenneth Feinberg. She will receive several million dollars in severance payments under the company's executive severance plan.
Last week, AIG also announced the departure of Suzanne Folsom, its chief compliance and regulatory officer. The firm is reportedly looking for successors to the duo.
In his memo, Benmosche has reportedly asked AIG employees to remain focused on its "core priorities" which he said include repaying U.S. taxpayers, strengthening the company's businesses and serving its clients.
AIG declined $0.09 or 0.30% and traded at $29.89.
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December 19, 2025 15:10 ET U.S. inflation data and interest rate decisions by major central banks were the highlights of this busy week for economics news flow. Employment data and survey results on the housing markets also gained attention in the U.S. In Europe, the European Central Bank and Bank of England announced their policy decisions and macroeconomic projections.