American International Group (AIG) terminated Mark Lyons from his positions as Interim Chief Financial Officer and Executive Vice President, Global Chief Actuary and Head of Portfolio Management saying that he violated his confidentiality/non-disclosure obligations to the company.
According to the company, the violations were unrelated to the company's financial statements, financial reporting generally and related disclosure controls and procedures, or reserves.
Mark Lyons stepped into the interim CFO role when Shane Fitzsimons went on medical leave in early January.
In recognition of Lyons' contributions to AIG since he joined the company in 2018, the company entered into a settlement agreement with Lyons. The company has agreed to pay Lyons an aggregate cash amount of $7.5 million, which will be paid in two equal installments on or before each of February 15, 2023 and February 15, 2024, AIG said in a regulatory filling.
Meanwhile, AIG said it appointed Sabra Purtill as its Interim Chief Financial Officer and Turab Hussain as its Interim Global Chief Actuary.
Purtill previously served as Chief Investment Officer of Corebridge Financial. Prior to that, she was AIG's Executive Vice President and Chief Risk Officer and Deputy Chief Financial Officer.
Hussain previously served as AIG's Chief Risk Officer, General Insurance.
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